Factory activity recovered last month in parts of Asia but still appeared to be ...
HONG KONG - Factory activity recovered last month in parts of Asia but still appeared to be on shaky ground as global demand remained subdued and China’s stimulus measures were yet to show their full pulling power.
The Federal Reserve held interest rates steady overnight, saying it saw no strong case for either hiking or cutting them, disappointing U.S. stock markets. Earlier this week, official data showed activity in China expanded for a second consecutive month in April, but at a much slower pace than expected.
South Korea’s economy contracted in the first quarter and chances are it may struggle to return to growth in the second. Data on Wednesday showed exports still shrinking, with memory chip shipments down 13.5 percent. In China, both official and private factory surveys suggested an unexpected loss of momentum last month, though overall activity still expanded, albeit at a more subdued rate.
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