Manufacturing PMIs for January, released today and yesterday, improved in India and Taiwan and stayed above the key 50 level which signals expansion in Korea and Singapore. Manufacturing in Asia looks set to gain more momentum in coming months at a time when inflation pressures are on the rise. Asia’s manufacturing upswing may not last if growth relapses later this year in the West, as we fear will be the case. Nevertheless, more policy interest rate hikes are likely soon in Asia.
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