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Asia kicks off the new trading month for global markets on Monday, with manufacturing PMI data from the continent's biggest economies setting the local tone and investors still banking on U.S. and other interest rates coming down soon.Purchasing managers index figures will show how factory activity in China, Japan, Taiwan, Australia, South Korea and India fared last month, and Indonesia's latest inflation figures will also be released.
Economists at Barclays reckon growth in the second quarter will be virtually zero, and Citi's economic surprises index for China is negative for the first time in nearly four months. The European Central Bank is set to cut rates this week, and Citi's economic surprises indices across major and emerging economies have all fallen substantially recently.
Although inflation appears to be under control, the central bank unexpectedly raised rates in April to support the rupiah, which had fallen to a four-year low against the U.S. dollar.
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