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ASIA
ASEAN S&P Global manufacturing PMIs for July improved today. The aggregate is released on Wednesday together with Thailand. Indonesia and the Philippines saw growth improve in their manufacturing sectors but they also saw a pick in input/output inflation measures.
- The Indonesian manufacturing PMI rose to 53.3 in July from 52.5, showing the strongest growth since September 2022. The increase in activity was driven by new orders rising faster than in June, driven by not just domestic demand but also foreign. Business confidence did ease though signalling caution around the outlook. Employment rose slightly to meet the increased demand.
- Indonesian producers faced higher input costs driven by raw materials, but they remained below recent levels. Higher costs were generally passed onto customers resulting in a rise in output inflation July, but it remained below the long-run average.
- The S&P Global manufacturing PMI for the Philippines rose to 51.9 from 50.9 due to an increase in new orders including from overseas. Foreign demand increased for the seventh straight month and the rate of growth rose to a 3-month high. Input and output inflation accelerated but remained muted compared with recent years.
- Malaysia’s manufacturing PMI rose slightly to 47.8 from 47.7 and continued to point to contracting industrial output.
Indonesia S&P Global manufacturing PMI
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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