Japanese companies' capital spending in the first quarter recorded no growth on an annual basis, compared with 6.5% growth in the preceding quarter, government data showed Monday.
The consensus estimate was for a 4.1% growth, according to Investing.com.
The Ministry of Finance report is a closely watched early indicator of economic health in Japan.
The Philippines' manufacturing activity returned to growth in May as stronger output and a recovery in new orders offset continued weakness in exports, according to S&P Global Market Intelligence data released Monday.The S&P Global Philippines Manufacturing Purchasing Managers' Index rose to 50.8 in May from 48.3 in April, moving back above the 50-point threshold that separates expansion from contraction.
Australia's manufacturing sector weakened in May as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East, according to a survey by S&P Global published Monday.The headline seasonally adjusted S&P Global Australia Manufacturing Purchasing Manager's Index (PMI) fell to 50.7 in May from 51.3 in April, remaining above the 50-point mark separating contraction and expansion.The headline PMI was lifted by sharply lengthening supplier delivery times, although underlying survey measures signaled a deterioration in business conditions midway through the second quarter.New orders declined for a third consecutive month in May, as firms pointed to squeezed client budgets, elevated prices, and subdued demand, with export orders also falling amid weakness in Asian markets, marking the sharpest drop since October, per the report.Manufacturing output fell for a fourth straight month in May amid weak demand, rising costs, Middle East uncertainty, and staffing shortages, while input, fuel, transport, and selling prices climbed sharply.Input cost inflation eased slightly in May but remained elevated, while output price inflation accelerated to its fastest pace since August 2022 alongside worsening supply chain delays driven by higher fuel costs and Middle East shipping disruptions.The firms reduced input buying and stocks in May amid weaker orders and output needs, while employment edged up for the first time in three months as hiring supported production and future projects.Business confidence stayed subdued amid ongoing Middle East conflict and inflation-driven demand pressures, though a modest uptick in optimism in May reflected expectations of stronger new orders in the year ahead.
Services activity in China recovered in May, with the official non-purchasing managers' index rising to 50.1 from 49.4 in April, according to data from the National Bureau of Statistics on Sunday.The latest reading in the index, which measures activity in the services and construction sectors, is higher than the 49.5 consensus estimate on Investing.com.Overall private-sector activity in China improved in May, with the composite PMI increasing to 50.5 from 50.1 the previous month.