Asia Manufacturing Slowdown Deepens as China Demand Slumps

China's factory activity slipped back into decline in October based on Caixin/S&P Global manufacturing PMI.

Japan and South Korea saw 5th and 16th straight month of factory activity contraction.

Slowdown in China impacting major exporters like Japan and South Korea.

Vietnam, Malaysia, Taiwan also saw declines in manufacturing activity.

IMF cut 2023 Asia growth forecast to 4.2% from 4.4% amid China's weak recovery risks.