Asia Manufacturing Picture Clouds - WSJ.com: "SINGAPORE—Manufacturing activity continued to contract in South Korea and Taiwan in December but grew in India, as the euro-zone sovereign-debt crisis and the sluggish U.S. recovery hit Asia's export economies harder.
Data Monday showed manufacturing contracting for a fifth straight month in South Korea and a seventh month in a row in Taiwan. That followed conflicting readings in recent days from China's two purchasing managers' indexes, with one showing continued contraction and one showing slim growth.
"Downside risks are materializing" in South Korea, HSBC economist Ronald Man said in a release Monday. "The sharper drop in manufacturing activity over December confirms that Korea's economy is losing steam, with employment contracting over the month for the first time in almost three years.""
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