While you were at the beach last month, the global industrial cycle kicked up anotch. And Emerging Asia in particular is feeling the lift. Local demand appearsespecially solid and low inventories point to continued output strength. Newexport orders, too, ticked up. Two questions for Asia remain: how much drag willemerge from China’s financial tightening (so far little, but let’s see), and will exportgrowth fizzle when (if?) the tech cycle cools. But you may now add a thirdquestion: are we seeing incipient signs of inflation? We think not, but the jump inthe input and output price components of the recent PMIs are certainly worthnoting. And, if this thing proves to have legs for quite a while, perhaps inflationisn’t dead yet.

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