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MALAYSIA: PMIs Remain Weak Putting Focus on BNM. 

MALAYSIA
EM BulletBulletAPACEmerging Market News
  • Whilst headline macro data in Malaysia remains strong (2024 GDP 5.2%, 2025 4.70%f) manufacturing still faces challenges with January PMI’s contracting further.
  • January’s PMI printed at +48.7; from +48.6 in December.
  • This is the eighth consecutive month of contraction.
  • Output has declined further at +46.8 (from +47.5 in December) and is now at levels not seen since late 2023.
  • New orders rose slightly from the prior month.
  • A consensus amongst many market commentators is that the Bank Negara Malaysia is on hold for all if not most of 2025.
  • This data however is a worrying sign at a time when a trade war is developing that undoubtedly will impact the region.
  • The BNM does not meet until March 06 and will watch carefully for the impact on currency markets and the evolution of economic data. 
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  • Whilst headline macro data in Malaysia remains strong (2024 GDP 5.2%, 2025 4.70%f) manufacturing still faces challenges with January PMI’s contracting further.
  • January’s PMI printed at +48.7; from +48.6 in December.
  • This is the eighth consecutive month of contraction.
  • Output has declined further at +46.8 (from +47.5 in December) and is now at levels not seen since late 2023.
  • New orders rose slightly from the prior month.
  • A consensus amongst many market commentators is that the Bank Negara Malaysia is on hold for all if not most of 2025.
  • This data however is a worrying sign at a time when a trade war is developing that undoubtedly will impact the region.
  • The BNM does not meet until March 06 and will watch carefully for the impact on currency markets and the evolution of economic data.