South Korean manufacturing output expanded in May, S&P Global said on Monday.
The latest seasonally adjusted S&P Global South Korea Manufacturing PMI rose to 54.8 from 53.6 in April.
S&P Global said the reading was the highest in five years, driven by the rise in production and new order volumes.
The demand for manufactured products was fueled by the need to build and maintain inventories due to the disruption caused by the war in the Middle East, according to S&P.
The Vietnamese manufacturing sector expanded at a faster pace in May as new orders returned to growth and output strengthened, S&P Global said Monday.The latest S&P Global Vietnam Manufacturing Purchasing Managers' Index stood at 52.8, compared with 50.5 in April.S&P Global said part of the increase in new orders reflected customers building safety stock amid concerns about the impact of the Middle East conflict.
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.