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The Caixin manufacturing PMI confirmed a healthy rebound for China in June.
Domestic demand, however, remains weak, and data from Korea suggest external demand is fading.
Japanese inflation surprised to the downside in June, reinforcing the BoJ’s dovish position.
Inflation retreats unexpectedly in Japan
Korea points to slowing global trade
Korean manufacturing wobbles
Chinese manufacturing recovery confirmed
Chinese activity continued its reopening recovery in June, particularly outside manufacturing.
The surveys point to month-on-month growth, but not enough to save GDP from a quarterly decline.
More stimulus is needed to sustain this bounce, with households and SMEs still under pressure.
The manufacturing recovery continues
But the real story is the surge in non-manufacturing
Japanese manufacturing slowed further in June, likely reflecting weakening global demand.
The service sector extended its recovery from the Omicron-induced lows, but will peak soon.
Price pressures rose further, but the labour market still looks soft, so no change likely from the BoJ.
Manufacturing activity slowed again...
..while services continued to recover, but may be peaking
Employment—the ultimate goal of China’s growth targets—fell further in May, despite reopening.
We expect further support to be rolled out until the situation shows a sustained improvement.
Price pressures still look modest, and consumer inflation likely edged only slightly higher in May.
Service sector slowdown moderated, but continued, in May
Korean exports surge on demand for energy
Few surprises from the Caixin PMI
Chinese PMIs rose in May, but are still sub-50, signalling month-on-month declines.
We expect a return to growth in June, as zero-Covid restrictions ease further, but it will be gradual.
The latest stimulus announcements provide a touch of new money, but still look lacklustre.
Still shrinking, just more slowly
Manufacturing improves, but policy is falling short
Infrastructure stimulus still looks insufficient
Japanese flash PMIs for May show a domestic recovery facing headwinds from external factors.
The most obvious culprit is China’s zero-Covid policy, with restrictions loosening only slowly.
New stimulus from China is underwhelming, but, importantly, contains new money this time.
Manufacturing softens after April’s surprise bounce
Services inflation picks up, but without a labour market revival
The Caixin Services PMI plummeted again in April, as the zero-Covid vice tightened further.
The employment picture is darkening rapidly, and will be a major worry for policymakers.
We are still waiting for a material shift in policy, even so; announcements so far contain nothing new.
No relief in sight for China's service sector
The tightest zero-Covid policies since the Wuhan outbreak have crushed Chinese economic activity.
Spillovers to global trade are already apparent, and will get worse before they get better.
Zero-Covid is not going away; the stakes are too high, so be ready for disruption throughout 2022.
China weighs on Korean export growth...
…but domestic demand provides an offset in the PMI
Japanese manufacturing stumbles on weaker new orders and employment
The most disruptive outbreak since Wuhan weighs heavy on Chinese activity
Japanese inflation is still rising, and is all but guaranteed to break through its target in April...
...But the BoJ has already indicated it has no intention of changing tack; rates won't rise this year.
Policymakers are flirting with the idea of currency intervention, but Kuroda won't take the lead.
China's currency is finally succumbing to pressure from multiple fronts, and has further to fall.
The renminbi poses a key constraint to PBoC policy, which Beijing will ultimately override.
April export data from Korea show that China's bat- tle with Covid will weigh heavily on global trade.
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