China’s manufacturing activity expands at fastest pace in more than a decade in February
Asia’s factory activity stalled in February with the exception of China, as slowing global demand, stubbornly high inflation and the fallout from past interest rate hikes weighed on the region’s economies, surveys showed on Wednesday.
India and Australia saw economic growth slow in the quarter to December, and South Korea’s exports fell in February for a fifth straight month, highlighting the pain slowing global demand was inflicting on the region’s manufacturers. China’s recovering economy, the world’s second largest, may not be enough to offset headwinds from weak chip demand and supply constraints for export-reliant economies such as Japan.
Factory activity continued to shrink in Taiwan and Malaysia in February, and expanded at a slower pace than in January in the Philippines, surveys showed.
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