A look at the day ahead in Asian markets from Jamie McGeever.
The pace of growth in Australian manufacturing, meanwhile, has slowed for seven straight months and the sector is on the cusp of contracting for the first time since May 2020. Services and overall business activity as measured by the PMIs have been contracting for four months.Reserve Bank of Australia
Governor Philip Lowe last week repeated his view that further rate rises in coming months are needed and said the pain was worth bearing to bring inflation down. The monetary policy stance in Beijing is far less hawkish. The People's Bank of China on Monday kept benchmarkfor a sixth month, leaving the one-year loan prime rate at 3.65% and the five-year rate at 4.30%. The economy seems to be rebounding from its zero-COVID restrictions, but there may be more monetary easing to come.
China's government will announce key growth targets for the year at the National People's Congress which is scheduled to begin on March 5. This may be a good time to deliver growth-boosting rate cuts or ramp up liquidity injections even more.- Japan flash PMIs Our Standards:Jamie McGeever has been a financial journalist since 1998, reporting from Brazil, Spain, New York, London, and now back in the U.S. again.
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