Overview
- China’s private RatingDog/S&P Global manufacturing PMI eased to 50.6 as export orders fell, while the official gauge slipped to 49.0 for a seventh straight month of contraction.
- South Korea’s PMI fell back to 49.4, with S&P Global citing U.S. tariffs and weaker U.S. demand as new orders dropped to 47.6 and output to 49.5.
- Australia’s PMI declined to 49.7, marking the first deterioration of 2025 as firms cut staff and business optimism softened.
- India’s HSBC/S&P Global PMI rose to 59.2 on strong domestic demand, with output growth matching a five-year high even as export growth cooled.
- Surveys pointed to squeezed margins from rising input costs and softer selling prices, while Beijing moved with targeted support via policy-bank tools and funds for local finances.