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ASIA
There was no improvement in the S&P Global manufacturing PMIs for August released today for ASEAN countries. The aggregate prints on Wednesday with Vietnam and Singapore. Malaysia and the Philippines held steady in August while Indonesia, Thailand and Myanmar all fell with only Thailand and the Philippines still above 50. The July ASEAN PMI was 51.6.
- Indonesia’s manufacturing activity continued to contract but at a faster pace than in July with the PMI at 48.9 down from 49.3, the lowest since the Covid-impacted October 2020. The slowing was driven by output and new orders, with the drop in foreign orders the fastest since January 2023, but the outlook remains positive. The weakness in the sector drove moderate job losses.
- Problems with global shipping were cited by Indonesian respondents as a reason for the weakness in sales, shortages and continuing rise in input prices. Weak demand though is making it difficult to pass higher costs onto customers with selling price inflation at a 10-month low. The weak rupiah continued to add to input inflation.
- After a period of contraction, Thailand’s manufacturing sector continues to see growth, although at a slower rate in August with the PMI down to 52.0 from 52.8, fourth straight month of growth. Output, orders and staffing all continue to rise. Confidence for the year ahead was also robust. S&P Global notes that the pace of job creation was its second fastest since the series began.
- Input prices continued to moderate due to buying in bulk and while selling inflation was modest it is above the pre-Covid historical average.
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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