TOKYO - Factory activity in many Asia economies weakened in March despite a rebound in China as lacklustre domestic demand dragged on growth, surveys showed on April 1, clouding the outlook for a once fast-expanding, key driver of the global economy.
China’s Caixin/S&P Global manufacturing purchasing managers’ index rose to 51.1 in March from 50.9 the previous month, a private survey showed on April 1, expanding at the fastest pace in 13 months with business confidence hitting an 11-month high. But activity contracted for a 10th straight month as new export orders slumped, reflecting souring sentiment in key markets like China and North America, the survey showed.
Taiwan’s PMI fell to 49.3 in March from 48.6 in February, while that for Vietnam dropped to 49.9 from 50.4, and Malaysia’s declined to 48.4 from 49.5, the surveys showed.
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