register now for free unlimited access to reuterscom register an employee measures a newly manufactured ball mill machine at a factory in nantong jiangsu province china june 28 2019 picture taken through a ball mill machine june 28 2019 reutersstringer aug 30 reuters  a look at the day ahead in asian markets from jamie mcgeever as tightening financial conditions continue to choke investor sentiment and slam global stock markets good oldfashioned pmi data from china will set the tone for asian markets on wednesday relief from the current gloom might be in short supply chinas manufacturing sector once the worlds economic growth engine has been barely growing or outright contracting for a year economists expect the august purchasing managers index to stay below the growthexpansion threshold of 500 once again the services pmi has held up a bit better recently but the wider economy is creaking especially the property sector  earnings reports from five of chinas largest banks on tuesday showed a huge rise in bad debts linked to real estate in the first half of the year read more the yuan pulled back from a twoyear low against the dollar on tuesday but remains vulnerable the greenback is on a roll  fed rate hike expectations continue to strengthen and markets are close to pricing in a fed funds rate of 400 next year wall streets three main indices closed in the red and world stocks fell again tuesday global bond yields rose and the dollar rose put that together and you get a pretty rapid tightening of global financial conditions some key economic indicators from japan and south korea could also steer local markets on wednesday industrial output in both countries is expected to fall in july from the month before and japanese retail sales are on the docket too key developments that should provide more direction to markets on wednesday reporting by jamie mcgeever in orlando florida editing by jonathan oatis