Shrinking fixed-asset investment in South Korea and Taiwan may be important signs global economic woes are beginning to take their toll on Asia, according to Nomura
The Japanese bank said Asian exports have weakened but not collapsed as they did in 2008, while evidence of distress can be seen more clearly in leading indicators for gross fixed capital formation
It said imports of capital goods in May compared with a year earlier were down 8.7% in South Korea and contracted 20.5% in Taiwan
The research firm also pointed to what it said was an "ominous sign" in deteriorating South Korean machinery orders, which fell 44.9% in April from a year earlier
"Continued global economic uncertainty could have a bigger impact than exports on investment in Asia," Nomura said
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