China+ Datanote: Flash Services PMI, Japan, May

In one line: Japan's services sector expands at a slower pace in May

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Flash Manufacturing PMI, Japan, May

In one line: Japan's manufacturing PMI rose as US importers rushed orders ahead of Tariff reprieve expiry.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, China, May

In one line: China's monthly exports rebounded in May, thanks to tariff reprieve.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Foreign Reserves, China, May

In one line: China’s FX reserves rise modestly as bond revaluation offsets inflows

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Caixin Services PMI, China, May

In one line : China's services activity ticks up, but deflationary pressure still lurking in the background.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Wages, Japan, April

In one line : Japanese inflation continues to outpace labour earnings; BoJ likely to hold rates in June.

Kelvin Lam (Senior China+ Economist)China+

10 June 2025 China+ Monitor China's inflation data still soft but with little tariff-war effect so far

• China’s intensifying producer deflation in May reflects soft energy prices, rather than any direct tariff impact.
• Lacklustre core consumer inflation is indicative of still- sluggish domestic demand.
• Policymakers are likely to stick with targeted support, as they gradually implement demand-side reforms.

Duncan WrigleyChina+

China+ Datanote: PPI, China, May

Producer deflation slammed by weakening international energy prices, weather-hit construction activity

Duncan WrigleyChina+

CHINA+ DATA WRAP 9 June 2025: China's CPI still in mild deflation

China's CPI still in mild deflation, while producer deflation worsens due to weak global oil prices

Duncan WrigleyChina+

9 June 2025 China+ Monitor China's private-sector sentiment weathering the trade storm

• Chinese private-firm sentiment is holding up reasonably well, despite the tariff chaos.
• Domestic demand appears resilient, albeit far from robust, in the May PMIs.
• The current targeted policy approach is working, so don’t expect any mega-stimulus.

Duncan WrigleyChina+

6 June 2025 China+ Monitor BoJ likely to stick to its bond-buying plan for now

• The BoJ will probably leave its bond-buying plan unchanged, after signs the market is functioning better.
• Thursday’s 30-year bond auction went well, after reports the MOF is likely to slow ultra-long bond issuance.
• The ruling coalition is likely to lose seats in the July Upper House election though, sparking debt worries.

Duncan WrigleyChina+

China+ Datanote: Official Non-Manufacturing PMI, China, May

In one line: Golden Week boosts May's services activity in China, but overall non-manufacturing weighed down by weak resi-construction

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Official Manufacturing PMI, China, May

In one line: China's manufacturing activity shrinks at a slower pace in May due to US tariff reprieve

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Tokyo CPI, Japan, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Bank of Korea Decision, Korea, May

In one line: BoK cuts to 2.50% on weaker growth outlook amid tariff war impact

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Industrial Profits, China, April

In one line: China’s April profit growth masks uneven recovery beneath; Trade uncertainty clouds outlook 

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Exports, Korea, May

In one line: Korea's exports set back less severe than expected, as tariff reprieve offers breathing space

Kelvin Lam (Senior China+ Economist)China+

4 June 2025 China+ Monitor China's divergent PMI readings suggest targeted sector pain

• China’s May manufacturing PMI readings diverged, as activity gradually revived post-May 12’s tariff truce.
• Small exporters are likely being hit harder by the trade-policy oscillations, and the détente is already fraying.
• Sentiment has held up surprisingly well, and improved slightly in both manufacturing gauges.

Duncan WrigleyChina+

3 June 2025 China+ Monitor Korea heads to the polls amid economic and trade uncertainty

• Both candidates in the presidential election have committed to a KRW30T fiscal plan to boost the economy.
• May’s export growth was not as weak as it appeared; WDA monthly and annual growth were positive.
• Still, tariff and trade-policy uncertainty will continue to weigh on Korea’s GDP growth in 2025.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 2 June 2025: Korean PMI shows domestic demand tanking

Korean PMI shows domestic demand tanking, but sentiment is improving thanks to tariff war pause

Duncan WrigleyChina+