Manufacturing PMIs for February, released overnight and today, improved in India, Singapore and Australia and stayed above the key 50 level which signals expansion in Taiwan. Factory output looks set to be brisk at a time when inflation pressures are on the rise. Asia’s manufacturers will probably struggle later this year if growth relapses in the West, which we fear will be the case. Nonetheless, there is likely to be more monetary policy tightening across the region soon.
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