Trade trouble:What the latest PMIs mean for Asia

Here's the thing: PMIs across the world's major economies popped in October, butexports don't seem be benefitting. Manufacturing picked up nicely in the US, theEU, Japan and China. But, elsewhere, things continue to look soggy, including inASEAN, with trade still stuck. What's going on? Optimists counsel patience. Wethink that structural factors are restraining exports and that activity across Asiawill at best limp along for the foreseeable future. So, don't get too carried awayhere. Long slog still ahead.