Headline PMIs broadly disappointing

LIttle upside expected in coming months.

It has been noted that headline PMIs were broadly disappointing.

According to a research note from HSBC Global Research, China's Caixin measure eased back, as did the readings in Taiwan, Japan Australia, Indonesia, and the Eurozone. Elsewhere, things have barely improved. India ticked up, but is still well below March; Korea barely manages to breathe air; Malaysia's PMI is the lowest in Asia, said the report.

The ISM pop isn't quite that, added the report: the headline reading is still below where it was at the end of last quarter and the Markit measure dropped. Globally, we just about broke even. Once again, it noted, Vietnam seems oblivious to it all.

Here's more from HSBC Global Research:

New orders point to little upside in the coming months. If anything, for most countries, it suggests an equally soggy summer. India, however, appears a bit peppier. Korea's new order expansion these past three months isn't exactly something to rave about, averaging 50.2.

Malaysia's new order reading in May dipped to 45.7, Taiwan's to 47. In China, the average of the NBS and Caixin new orders series fell to 50.2 last month, down from 51.2 in March. The West isn't much different.