November 01, 2024 00:59 GMT
ASIA: PMIs Treading Water with Vietnam the Only Bright Spot.
ASIA
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- The raft of PMIs across Asia today saw an even mix between those countries remaining in modest contraction and those expanding.
- With numbers printing in line with prior months, Indonesia, South Korea and Malaysia’s PMI are moderating.
- For Indonesia, this was the fourth successive month of contraction, Korea the second and Malaysia the fifth.
- The BNM meets next week on November 06 to decide on monetary policy with expectations at this stage for no change.
- Indonesia's Central Bank follows thereafter on November 20 and the Bank of Korea on November 28.
- Vietnam was the only bright spot, expanding more than expected – up 51.2 whilst Thailand and Taiwan are only just in expansion territory.
- The region’s fortunes remain correlated with the fortunes of China’s economy and the impact of the various stimulus measures announced since September.
- Expectations are growing that next weeks Party Congress Meeting in China could result in even more stimulus measures announced and could ultimately benefit the broader region, a factor that will be considered as the Central Banks meet.
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