Asia-Pacific markets largely higher ahead of Australia's interest rate decision
South Korea's manufacturing purchasing managers index for April rose to 48.1, up from March's figure of 47.6, a private survey showed on Tuesday.
Bhatti also noted that as such, South Korean manufacturing firms subsequently cut back production levels, input purchases and employment.Australia's central bank is expected to hold its benchmark policy rate at 3.6% when it announces its decision Tuesday. A Reuters poll of 34 economists revealed that 26 of them expect the Reserve Bank of Australia to keep rates at current levels, while the remaining eight forecast a 25-basis-point hike.Australia's inflation — a key data point for the RBA — eased to 7% in the first quarter, lower than the 7.8% recorded at the end of 2022.South Korea's inflation rate softened to 3.7% in April, lower than March's figure of 4.2%.
This also marked the slowest pace of inflation in 14 months, and the third-straight month of decline.In April, South Korea's central bank continued to hold its benchmark policy rate at 3.5%.
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