Asia factories see momentum weaken on rising costs, new Covid curbs

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Asia's factory activity saw momentum weaken in June as some countries struggled with rising input costs and the reintroduction of curbs to combat a new wave of coronavirus infections, surveys showed on Thursday.Vietnam and Malaysia were particularly hard hit. Manufacturing activity shrank in those countries in June due to stricter coronavirus restrictions, clouding the outlook for a region lagging western economies in recovering from the pandemic."The June PMI data show clearly the impact of the latest wave of the COVID-19 pandemic on the Vietnamese manufacturing sector, with company shutdowns in areas facing restrictions leading to sharp reductions in output and new orders across the sector as a whole," said Andrew Harker, Economics Director at IHS Markit."While less severe than after the outbreak of the pandemic in early-2020, the reduction in manufacturin…