HSBC 1 月 4 日报告。
         Someone hit the accelerator.PMIs in major economies bounced last month.The ISM showed the way，with the new orders component rising the most since the summer of 2009.Europe also ticked up nicely，led by the UK（who would have thought）.In Asia，Japan，China，and Taiwan delivered solid gains.Things look soggier in ASEAN，with the exception of Thailand and Singapore.India’s manufacturing sector contracted，if slightly，presumably reflecting the effect of demonetization.Off to the races in 2017，then？We doubt it.Demand in emerging Asia，led by China，should cool again amid tightening liquidity.The mini-tech bounce lifting exports currently may also fade.And the squeeze from soaring input costs isn’t helping either.