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December PMI readings post record lows throughout Asia

TWO independent Chinese purchase managers' indices fell in December, the Caixin Media PMI to 49

December PMI readings post record lows throughout Asia

TWO independent Chinese purchase managers' indices fell in December, the Caixin Media PMI to 49

04 January 2019 - 19:00

TWO independent Chinese purchase managers' indices fell in December, the Caixin Media PMI to 49.7 and the IHS Markit PMI to 50.2 - the lowest since May 2017.

That matched the reading of the official PMI which dropped to 49.4 in December, the weakest since early 2016, reported Bloomberg.



'PMIs are signalling trouble ahead,' said Maybank Kim Eng Research economist Hak Bin Chua in Singapore. 'There have been some healthy trade numbers in some countries, but this is probably short-lived.'



Taiwan's Nikkei and IHS Markit manufacturing purchasing managers' index fell to 47.7 in December from 48.4 in November, down from 56.6 a year earlier.



That's partly due to a fall in demand for machinery and electronics goods, along with information and communications equipment, amid slowing orders for new smartphones and the simmering trade war.



Malaysia's PMI fell to 46.8 from 48.2, its lowest reading since the series began. New orders were at their weakest since May.



South Korea's PMI remained in contractionary territory for the second consecutive month even as the overall reading nudged higher. The manufacturing nation - a bellwether for global trade - saw exports fall in December.


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