🌏Global manufacturing PMIs remained subdued in July. The Eurozone Markit Manufacturing PMI declined to 42.7 (consensus estimate - 43.5), from 43.4 in June, its lowest point since May 2020, marking the sixth consecutive decline. The US ISM manufacturing PMI grew slightly, to 46.4 (from 46.0 in June)
🇨🇳The official NBS Manufacturing PMI in China also showed a slight recovery, to 49.3 in July (from 49.0 in June), ahead of the 49.2 estimates. However, the Caixin China Manufacturing PMI dropped to 49.2 in July (from 50.5), missing the forecasts of 50.3
❗️Overall, global PMIs below 50.0 in July indicate the still soft sentiment on the manufacturing sector. In turn, this slowdown of industrial activity in the EU/US and China is likely to have an adverse impact on the demand for industrial metals (e.g. steel, aluminium and copper). Nonetheless, China's potential measures for its real estate sector could bolster metals consumption
#PMIs
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