If HSBC is correct, an interest rate cut will take place in November..This will make the Ringgit weaker against the US dollar, and possibly trigger a export oriented stock market rally.
This however, is not going to push up the PMI above 50. The reason being even with a cut in interest rates, manufacturers will not have the tools that warrants an expansion.
HSBC, PLEASE go read, WHY Top Glove is MOVING to Thailand. It has very little to do with INTEREST Rates, and much more to do with the Malaysia's labour policy, which is RESTRICTING, companies from getting their hand on the commodity they need to EXPAND.
That COMMODITY is FOREIGN labour at an economical price