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Asia Open: Manufacturing Data Boost’s Risk Sentiment

ByFOREX.com
Published 01/03/2012, 01:48 AM
Updated 05/18/2020, 08:00 AM

Most markets in Asia are still on holiday today and liquidity will likely suffer as a result. Nevertheless, the ASX is open and has begun the year in the green, being spurred by better than expected manufacturing data in India, China and Australia.

Themes:

• Figures released on Sunday showed that Chinese Manufacturing PMI during December rose to 50.3 from 49.0, bringing the index back into expansion territory. However, new export orders remain in contraction territory for the third month in a row, as the European debt crisis continues to weigh on demand for Chinese exports. According to the logistics federation, the organisation that releases the PMI data, the fiscal effects of New Year celebrations helped to enhance the official figure.

• In Australia, December’s Manufacturing Index broke in expansion territory for the first time since mid-2011. The figure was bolstered by gains in the basic metals, paper, printing and publishing, and transport equipment sub-sectors. Despite the better than expected numbers, Australia’s manufactory sector is still very much at risk of a slowdown in global demand, and we still expect the RBA to cut the official cash rate by another 50 bps this year.

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