Asia's factory activity contracted in January as the boost from China's COVID reopening had yet to offset headwinds from slowing U.S. and European growth, surveys showed on Wednesday, underscoring the fragility of the region's economic recovery.
/S&P Global manufacturing purchasing managers' index nudged up to 49.2 in January from 49.0 in the previous month, staying below the 50 mark that separates growth from contraction for a sixth straight month.issued on Tuesday. But whereas the official PMI largely focuses on big and state-owned Chinese businesses, the Caixin survey centres on small firms and coastal regions.PMI stood at 48.
South Korea's factory activity contracted for a seventh straight month in January. The reading was 48.5, up from 48.2 in December but below the 50-point-threshold. "That said, firms remained confident that global economic conditions would improve and stimulate demand."
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