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Asia manufacturing soars in June, but momentum slows into second half
In June, manufacturing activity in Asia's tech producing economies extended, backed by surging global demand for electronics products, although headwinds in external markets could suggest a moderation in surge during the second half of 2017.
In Asia, private sector polls of manufacturers demonstrated the factory sectors of South Korea, China, Japan as well as Taiwan picked up in June, powered mostly by a revival in exports.
However, ongoing dips in energy prices that weighed on manufacturing activity in Malaysia and Indonesia, could affect these two economies going forward, as financial experts stress. Besides this, in India, sluggish domestic demand compensated strong foreign demand and provoked a manufacturing slowdown in June.
Factory Purchasing Managers' Indexes for Vietnam, South Korea, Taiwan, Japan and India all stood above the 50-mark, separating expansion from contraction on a monthly basis.
Considering current Treasury yield spreads, the chance of a recession is now nearly 99.3% - 100%. Read the full report to learn more!
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Some progress in US debt ceiling talks is made, and the PMI data is out.