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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.
ASIA
April Global S&P manufacturing PMIs were mixed with some countries seeing an improvement but not others and some in expansionary territory and others contracting. The average of South Korea’s and Taiwan’s PMIs is pointing to a tentative but subdued recovery in global trade, consistent with the global manufacturing PMI.
- Korea’s PMI improved to 48.1 from 47.6, but still indicates that industrial output is contracting. It appears to have stabilised at a lacklustre level due to subdued demand with new orders down, including export orders due to weaker global growth and customer confidence. Input prices rose at their slowest rate for 29 months due to improving supply chains and material availability.
- Taiwan’s PMI eased to 47.1 from 48.6 due to output, new orders and employment falling at a faster pace. Selling prices are being cut as costs ease. New export business fell at the fastest pace since January.
- The manufacturing PMI in Thailand rose to a record 60.4 from 53.1 with also record increases in production and new orders, signalling a quick activity growth. The rise in new orders was driven by the domestic economy as foreign orders only rose marginally. The 12-month outlook also improved. Output prices moderated but are still well above pre-Covid levels.
- Indonesia’s PMI was also stronger at 52.7 up from 51.9, the highest since September, driven by stronger domestic new orders as export sales fell due to muted overseas business conditions. Input costs rose at a slower rate while output prices increased slightly.
Global trade vs average Korea/Taiwan PMIs
Source: MNI - Market News/Bloomberg
ASEAN PMIs
Source: MNI - Market News/Bloomberg
*ASEAN PMI for April 2023 has not yet been released
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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