China's manufacturing contraction persisted last month, Japanese industrial companies grew more pessimistic and South Korean exports fell, signaling East Asia's biggest economies have yet to reverse their slowdowns.
A Chinese factory index was at 49.8 for September, the first time that it has been below 50 for two straight months since 2009, a statistics bureau report showed in Beijing today. Japan's Tankan index of large manufacturers' confidence fell to minus 3 for the past quarter. South Korean shipments slid for a third month.
In China, measures to support growth may be stepped up after the Communist Party dealt with political issues including laying charges against ousted Politburo member Bo Xilai and setting Nov. 8 for the start of a party congress, Bank of America Corp. said today. Japan's fiscal response may be complicated by a parliamentary stand-off over financing and an election as early as this year, with Prime Minister Yoshihiko Noda reshuffling his cabinet today to revive support.
via Bloomberg
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