Asian markets and subsequent exchange traded funds (ETFs) are on the rebound, but recent global data only indicates stabilization, not a total recovery.

The Tankan survey of big manufactures in Japan came in at -48, up from a -58 registered three months earlier, reports Bettina Wassener for The New York Times. The negative reading still shows ubiquitous pessimism among manufacturers. Japanese companies could remain cautious in the short-term, and increase layoffs and other cost savings.

The official purchasing managers’ index (PMI) of China climbed for the fourth month in a row in June, which shows a Chinese economy expanding rather than contracting. The rises were largely aided by stimulus spending in China.

South Korea calculated that exports in June were down 11.3% year-over-year, a small silver lining compared to the 28.5% drop in May.