Asian manufacturing downturn extends into May as export trend deteriorates

The Asian manufacturing downturn persisted into its fifteenth consecutive month in May, with the rate of decline accelerating slightly to the fastest since February. Markit's manufacturing PMI surveys, compiled on behalf of Caixin in China and Nikkei across seven other Asian economies, recorded a pan-Asian PMI of 49.0 in May, down from 49.2 in April.