A look at the day ahead in Asian markets from Jamie McGeever.Chinese reflation vs U.S. inflation.That's the broad market picture painted by manufacturing PMIs for the world's two largest economies on Wednesday, as Asian stocks excluding Japan surged 2 per cent for their best day in two months, and
That's the broad market picture painted by manufacturing PMIs for the world's two largest economies on Wednesday, as Asian stocks excluding Japan surged 2 per cent for their best day in two months, and two of Wall Street's three main indexes slumped into the red.
China's reopening from years of COVID-19 lockdown appears to be extraordinary. Manufacturing activity exploded in February, expanding at the fastest pace in more than a decade, and new export orders rose for the first time since April 2021. The U.S. manufacturing PMI report, however, prompted heavy selling across risky assets and safe assets alike - activity contracted for a fourth month in a row, but the prices paid index jumped much more than economists had expected.
Spiraling bond yields, rates and inflation expectations aren't confined to the U.S. - euro zone PMIs also highlighted stagflationary pressures, while euro zone inflation expectations are the highest in over a decade and, in a rare occurrence, pushing above U.S. equivalents.
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