Courtesy of Mish.
As the global recession deepens, bad news in Asia continues to mount. China and Japan are leading the Asia-Pacific decline.
The HSBC Flash China Manufacturing PMI™ is negative once again with Output down at Sharpest rate in Ten Months.
Key Points
- Flash China Manufacturing PMI™ at 47.8 (47.6 in August). 2-month high.
- Flash China Manufacturing Output Index at 47.0 (48.2 in August). 10-month low.
PMI
Production
Japanese Exports Sink 3rd Month
The Financial Times reports Japan suffers steep fall in exports.
Japan recorded another steep fall in exports in August, highlighting the vulnerability of the nation’s finances amid persistently high imports of fuel.
Thursday’s government data showed that shipments slipped almost 6 per cent from a year earlier to Y5tn ($64bn), the third monthly fall in a row, while imports were 5.4 per cent lower at Y5.8tn. The resulting trade deficit of Y754bn was among the widest since last March, when the Fukushima crisis led to the staggered closure of the country’s nuclear reactors.
Adjusted for seasonal variations, Japan has recorded trade deficits in each of the 18 months since the earthquake and tsunami, after decades of more or less uninterrupted surpluses….
