The early read in Asia is that manufacturing has either decelerated or declined.

China's official PMI unexpectedly fell to 50.1 from 50.4 a month ago. China's unofficial HSBC PMI fell to 50.4 from 52.3.

Both fell slightly short of expectations.

However, economists warn that these reports are likely to be impacted significantly by the Chinese New Year holiday.

China is the second largest economy in the world, and it's a key source of growth for every other economy. At the very least, it's encouraging to see both number above 50, which means China's manufacturing industry continues to grow.