Asia's factory activity slumped in June, business surveys showed, as sluggish demand in China and advanced nations clouded the outlook for the region's exporters
While manufacturing activity expanded marginally in China, it contracted in powerhouses Japan and South Korea as Asia's fragile economic recovery struggled to maintain momentum.
"The worst may have passed for Asian factories but activity lacks momentum because of diminishing prospects for a strong recovery in China's economy," said Toru Nishihama, chief emerging market economist at Dai-ichi Life Research Institute. China's Caixin/S&P Global manufacturing purchasing managers' index eased to 50.5 in June from 50.9 in May, the private survey showed on Monday, staying above the 50-point index mark that separates growth from contraction.official survey that showed factory activity extending declines, adds to evidence the world's No. 2 economy lost steam in the second quarter.fell to 49.8 in June, returning to a contraction after expanding in May for the first time in seven months.
The fate of Asia's economy, including China's, will have a huge impact on the global economy with aggressive monetary tightening to curb inflation likely to weigh on U.S. and European growth.
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