THE headlines will probably be captured by the better news from Europe this morning, with the purchasing managers' index confirmed above the 50 level in the euro zone, and a very strong number (54.6) in the UK. But the more interesting data are to be found in Asia, as Krystal Tan at Capital Economics points out. The PMI fell in five out of the six countries reporting and was below 50 in four (Australia, South Korea, Taiwan and Vietnam). The forward-looking component - new orders - was below 50 in all bar Indonesia.