Asia's PMIs slowly trending uphill

Almost half registered readings above 50.

According to Moody's, the region’s PMIs show a steady uptrend, with around half of the countries posting readings above 50, indicating near-term expansion.

Other leading indicators mirror this trend. The OECD’s composite leading indicator for Japan showed a mild improvement in October (the latest available month), the first increase since March, while Korea now trends solidly upwards.

Here's more from Moody's:

China's PMI readings are rising at an accelerating rate, suggesting continued improvement once Lunar New Year data distortions clear.

Chinese manufacturing lifts the rest of Asia, both directly and indirectly, as a gauge of global manufacturing demand.

Korea and Taiwan, two large, export-driven economies, provide a good gauge for the region. Korea, in particular, ships a range of goods, including autos, electronics and ships, to a large number of global markets. Initial signs suggest the first quarter of 2013 will be a little better than the previous quarter, although still below potential.