🌏Global manufacturing PMIs remained soft in August. The Eurozone Markit Manufacturing PMI was reported at 43.5 (consensus estimate - 43.7), slightly up from 42.7 in July. The US ISM manufacturing PMI grew to 47.6 (from 46.4 in July)
🇨🇳The official NBS Manufacturing PMI in China recovered to 49.7 in August (from 49.3 in July), ahead of the 49.4 estimates. Of note, the Caixin China Manufacturing PMI jumped to 51.0 in August (from 49.2), beating market estimates of 49.3
❗️Although global PMIs showed some recovery in August, most of them remained below 50.0, indicating soft sentiment in the manufacturing sector. Were these dynamics to persist, that might have an adverse impact on the demand for industrial metals (e.g. steel, aluminium and copper). However, China’s new potential support measures for the real estate sector could bolster construction activity later in 2H23, we believe
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