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1、Economics02November2017Sorry,wasoutshoppingFredericNeumannWhatthelatestPMIsmeanforAsiaCo-headofAsianEconomicsResearch4Bitofawobble:AsianPMIsdippedlastmonth.BlametheGoldenTheHongkongandShanghaiWeek.WithofficesclosedinearlyOctoberinChina,Korea,Taiwan,BankingCorporationLimited+852282
2、24556andbeyond,productiongotdisrupted.Well,that’spartofthestory.fredericneumann@hsbc.com.hkAnotheriscoolingconstructionactivityinChina.Andyetanotheristhatexportshavelostabitoftheirsummershine.So,momentumisViewHSBCGlobalResearchat:http://www.research.hsbc.comeasingintoyear-end.Curi
3、ously,activityelsewhereremainsrobust,yetthat’ssomehowbypassingproducersinemergingAsia.Plus,pricepressureshaven’tpulledbackasmuchasonemighthaveIssuerofreportTheHongkongandShanghaihoped.Bottomline:developedmarketsbouncy,emergingAsiaaBankingCorporationLimitedlittlemore,well,flouncy.H
4、ardlyastumble,butnosignaleitherofanDisclosures&DisclaimerimminentaccelerationintheEast.ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureFirstheatmap.HeadlinePMIsacrossAsiagotknockeddownabit.Theexceptionistheappendix,andwiththeDisclaimer,whichformspar
5、tofitPhilippineswheretheeconomycontinuestofly.Japanalsocontinuestoperformwell,withthePMIonlypullingbackmarginally.MalaysiaandThailandarebelowthewaterline;India,Indonesia,andKoreaarefloatingjustabove.China’sNBSdippedtoathreemonthlow:presumablyreflectingtheGoldenWeekholidayandpotent
6、iallylocalindustryshutdownsduringthePartyCongressinBeijing.TheCaixinmeasurewasunchanged,ifuninspiring.WhatacontrasttotheWest.Sure,theheadlineISMpulledbackfromits13-yearhigh,buttheUSPMItickedhigher.Germany’seasedbutit’sstillabove60.Prettyrobustallaround.Neworderspaintasimilarpictur
7、e.Downforthemostpart(chart1).ThatsuggeststhattheGoldenWeekisnotentirelytoblameforAsia’sPMIwobble.ForemergingAsiaasawhole,neworderspulledbackrelativetoinventory,thoughthat’sstillconsistentwithamildaccelerationinindustrialproductionoverthecomingmonths(Chart2).Secondheatmap.Asiaquite
8、mixed:newexportordersacceleratedi
