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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
ASIA
Indonesia was the bright spot in the S&P Global ASEAN manufacturing PMIs in December. ASEAN as a whole fell below 50 to 49.7, signalling a slight contraction in activity, but in line with the previous 3-month average. The weakness was due to a sharper fall in new orders but there was a slight rise in employment. Indonesia, Singapore and the Philippines were the only economies posting readings above the breakeven-50 level.
- Indonesia’s manufacturing PMI rose to 52.2 from 51.7 due to stronger domestic and export orders growth and confidence re the outlook also improved but remains below average. Employment grew slightly because of the increase in new work. Input costs rose further in December due to higher shipping, currency conversion and raw material costs and as a result selling prices also increased, but both series are below average.
- Thailand’s PMI fell 2.5 points to 45.1, the lowest since June 2020 and weakest in ASEAN (ex Myanmar), signalling a pickup in the pace of contraction in manufacturing activity which has been in place for 5 months. The deterioration was driven by a sharper fall in both domestic and export orders and resulted in increased pessimism re the outlook and a marginal reduction in jobs. Input costs rose further which resulted in a pickup in selling price inflation, but both remain below average.
- The manufacturing PMI in the Philippines fell to 51.5 from 52.7 due to a four-month low in new orders growth, but signals that activity continues to grow. New export sales fell in December though reflecting weaker global demand. Rising costs resulted in higher selling prices, but inflation remains subdued. Business optimism improved to a four-month high on expectations of stronger demand.
ASEAN S&P Global manufacturing PMIs
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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