From HSBC:
What the latest PMIs mean for Asia
Well, things fizzled rather quickly. After a bit of lift in March, which raised hopes for a sustained acceleration in activity, momentum again turned last month. Trade is partly to blame, with new export orders still stuck below the waterline. But local demand looks wobbly, too: new orders softened and many employers are still shedding jobs. Asia’s big markets continue to disappoint: Japan sank further, China relapsed, and India slipped. Anything positive? Yes: inventories are low. But Asia can’t live by restocking alone.
