{"id":69233,"date":"2018-03-21T08:26:01","date_gmt":"2018-03-21T08:26:01","guid":{"rendered":"http:\/\/www.bnreport.com\/asian-business-sentiment-edges-up-to-hit-7-year-high-poll\/"},"modified":"2018-03-21T08:26:01","modified_gmt":"2018-03-21T08:26:01","slug":"asian-business-sentiment-edges-up-to-hit-7-year-high-poll","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/asian-business-sentiment-edges-up-to-hit-7-year-high-poll\/","title":{"rendered":"Asian business sentiment edges up to hit 7-year high: Poll"},"content":{"rendered":"

SYDNEY: Business confidence among Asian companies rose in the first quarter to the highest level in seven years, a Thomson Reuters\/INSEAD survey showed, as a fresh surge by the Chinese economy offset concerns about rising trade barriers. <\/p>\n

The Thomson Reuters\/INSEAD Asian Business Sentiment<\/a> Index , representing the six-month outlook of 67 firms, advanced one notch to 79 for the January-March quarter compared with three months before. <\/p>\n

A reading above 50 indicates a positive outlook. <\/p>\n

"The improvement is not dramatic but with a historical perspective this is a good reading," said Antonio Fatas, a Singapore-based economics professor at global business school INSEAD. <\/p>\n

Thailand, the Philippines and Malaysia saw robust jumps in sentiment, showing that many countries in Asia continue to benefit from accelerating global growth. In particular, China<\/a> has seen exports soar, up 45 percent in February to mark their fastest growth in three years. <\/p>\n

"China \u2026 has escaped the fear of a crisis that started back in 2016 and that's why you see strong confidence. Imbalances persist but there is no real threat of a crisis over the short term," said Fatas. <\/p>\n

The subindex for Thailand surged to 100 from 85 and the Philippines saw a climb to 83 from 70 while sentiment in Malaysia improved five notches to 75. <\/p>\n

"The tourism and export sector expansion will help drive growth (in Thailand) this year," said Rattham Somboonchareon, a planning manager at survey respondent Thai Airways, adding that government spending was also a key driver of growth. <\/p>\n

Australia's subindex dropped to 80 from 92, although the figure is relatively high when compared with its historical average of 69. <\/p>\n

While the International Monetary Fund and the World Bank<\/a> have raised their global growth forecasts for this year due to strong trade, consumer spending, and investment in many major economies, intensifying rhetoric in favour of protectionism has become a major concern. <\/p>\n

US President Donald Trump has announced import tariffs on steel and aluminium, and is expected to consider additional tariffs targeted specifically at China. He has also repeatedly said the US free-trade deal with South Korea is "unfair" and has threatened to scrap it altogether on multiple occasions. <\/p>\n

That has battered sentiment in South Korea, with the country's subindex plunging to 50 from 83. <\/p>\n

"There is a sense among Korean businesses that Trump will continue to be aggressive against their country," said Fatas. <\/p>\n

Singapore's subindex declined to 75 from 79. The country's exports took a surprise dip in February as tech product<\/a> shipments continued to retreat from the hot pace of recent months. <\/p>\n

Japan, where consumer spending numbers have been subdued, recorded its lowest reading in a year, at 67 compared to the fourth-quarter's 70. India<\/a> also experienced a decline in sentiment, falling to 72 from 79. <\/p>\n

The index for sentiment in China increased to 88 from 83, but the number of respondents was low at four companies. <\/p>\n

Increasing trade friction and higher interest rates were cited as the biggest concerns in the Thomson Reuters\/INSEAD survey. <\/p>\n

By industry, the technology, construction, energy and metals sectors expressed concern about trade friction, showed the survey, which was conducted March 2-16. <\/p>\n

Sectors which identified rising interest rates as a risk included the energy, real estate, retail and technology sectors. The energy sector also showed concern about the potential for a sudden asset price correction. <\/p>\n

The auto sector matched its highest subindex reading posted seven years ago, while the retail and leisure sector recorded its best ever reading. Healthcare had its highest score<\/a> in two years. <\/p>\n

Note: Companies surveyed can change from quarter to quarter. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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