Asia's factory pain continued to ease in July with contraction slowing in big export-reliant nations, adding to hopes the region is steadily emerging from the devastating hit of the coronavirus pandemic.
TOKYO - Asia’s factory pain continued to ease in July with contraction slowing in big export-reliant nations, adding to hopes the region is steadily emerging from the devastating hit of the coronavirus pandemic.
But worries about a second wave of infections may weigh on global demand and business sentiment, keeping any rebound in Asia’s factory output feeble, some analysts say. China’s Caixin/Markit Manufacturing Purchasing Managers’ Index rose to 52.8 last month from June’s 51.2, marking the sector’s third consecutive month of growth and the biggest jump since January 2011.
Taiwan’s manufacturing activity also rose above the 50-mark separating growth from contraction, suggesting that increased demand for work-from-home equipment is underpinning chip sales. “While the broad steadying of the PMI prints across the region point towards further stabilisation in the regional manufacturing sector after the April-May malaise, the path ahead remains a rocky one, as evidenced by the more uncertain tone in the latest reading for some economies,” said Wellian Wiranto, an economist at OCBC Bank.
A gauge of expectations for South Korea’s manufacturing output over the next 12 months jumped, though exports - which account for nearly 40% of the economy - remained a concern.
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