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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
The South Korea and Taiwan PMIs presented contrasting pictures for July. The South Korea headline reading rose to 49.4 from 47.8 prior. This is the highest reading since July 2022, albeit while remaining in the contraction zone. The output index rose to 47.2 from 46.5 in June. New orders were also up in the month. It also comes after July trade figures released earlier showed export growth stepping down in July.
- In contrast, the Taiwan PMI eased back to 44.1 from 44.8 in June. We remain above the late 2022 lows for the series, but this is still the weakest print since November last year.
- Output fell to 39.9 versus 42.7 in June, while new orders also weakened.
- The average headline South Korea and Taiwan PMIs have a reasonably relationship with global trade volumes, see the chart below. At this stage, the average reading is suggesting that global trade growth may well have troughed, but any upswing is unlikely to be dramatic in the near term.
Fig 1: South Korea & Taiwan PMI Average Versus Global Trade Growth
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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