IHS Markit: Malaysia's manufacturing sector's deterioration in July worse than 1H2017

IHS Markit: Malaysia's manufacturing sector's deterioration in July worse than 1H2017

IHS Markit: Malaysia's manufacturing sector's deterioration in July worse than 1H2017

Philippine manufacturers-apparently affected by the martial-law declaration and contraction in overseas demand-showed less optimism to grow their business in July based on the country's latest Purchasing Managers' Index (PMI) that fell to its lowest level since January, Nikkei and global think tank IHS Markit reported.

PMI has stayed between 51 and 52 over the past seven months, and the July reading was basically consistent with the average of the first half of the year, said NBS senior statistician Zhao Qinghe. "The reading represented a modest improvement in the health of the sector and one that was weaker than registered at the end of the second quarter", Nikkei's IHS Markit reported.

Also foreign demand for Indonesian-manufactured goods fell, effectively ending a three-month period of expansion.

New orders have risen continuously since December 2015 and increased solidly in July.

Preliminary quarterly national accounts and final factory PMI from euro area are due on Tuesday, headlining a busy day for the European economic news.

Amidst calls for a rate cut to boost investment and demand, manufacturing production contracted for the first time this year in July, according to a private survey.

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The measure of new orders rose and the output gauge climbed to its highest level since March. The jobless rate is forecast to remain unchanged at 5.7% in July.

A reading above 50 indicates an expansion of the manufacturing sector compared to the previous month; below 50 represents a contraction; while 50 indicates no change.

While the PMI data on Monday hinted at a slowdown, Beijing is still expected to meet its economic growth target of about 6.5 per cent for the full year - encouraging news for President Xi Jinping ahead of a major leadership reshuffle in the autumn. It's not all doom and gloom, however.

French manufacturing activity held close to a six-year high in July as political uncertainty dissipated after the presidential election, a survey showed on Tuesday. Some disappointment in the downward revision to July's PMI appeared enough reason for investors to take profit after a strong recent run for the shared currency. They have since eased off their peaks but remain high. Companies' data should enforce confident in general expectations and to keep the economy on the right track towards stronger growth, while the key monthly decline would lead to uncertainty again.

Reports of stock shortages at suppliers were a key factor behind the further lengthening of delivery times. The latest increase was the slowest in 17 months.

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