Asean PMI Rises

The Nikkei ASEAN Manufacturing Purchasing Managers’ Index accelerated to 51.0 in April from 50.1 in March, marking the highest reading in the past year, Nikkei reported. A reading above 50 indicates economic expansion, while a reading below 50 points toward contraction. Five of the seven countries covered by the survey recorded a PMI reading above the break-even level, up from four in March. Myanmar extended its lead within the ASEAN, while Vietnam and the Philippines were tied in the second place. The health of Indonesia’s manufacturing economy also strengthened, while Singapore reported the first improvement in six months. “The ASEAN manufacturing sector started the second quarter on a stronger note, with growth accelerating to the best for a year,” said Bernard Aw, principal economist at IHS Markit, which compiles the survey.