Tristan de Gouvion Saint Cyr views on Global manufacturing.Global and regional Purchasing Manager Indices (PMI) for output, new orders and employment indicate that global manufacturing could expand in early 2013.PMIs have bounced back fromtheir lows in mid-2012.
Improved PMIs have been observed in the US. In emerging markets, strength is returning to China, India,
Indonesia, and Brazil, further supported by stabilizing output in South Korea and Taiwan. The obvious outlier in
the region is Singapore, which remained stuck in contraction in Dec for the sixth straight month, undermined
by weakness in its technology sector with its lowest reading since February 2009.Still, sub components were mixed, offering a glimpse of hope for a near-term rebound.
