Manufacturers hit, Korean outflows, BOK and RBI meetings

The March PMIs show that the energy shock appears to be hitting manufacturers in Asia, though it is more evident in higher input prices than in falling activity. Meanwhile, foreign outflows from Korea's stock market have surged in recent weeks, contributing to the slump in the KOSPI. Outflows aren't a major concern from a balance of payments perspective but they do risk becoming destabilising, which could limit the Bank of Korea's response to the energy shock.