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Morning Bites (part 1)

🌏Global manufacturing PMIs showed mixed dynamics in September. The Eurozone Markit Manufacturing PMI was reported at 43.4 (in line with estimates), vs. 43.5 in August. The US ISM manufacturing PMI rose for the third consecutive month, to 49.0 (from 47.6 in August)

🇨🇳The official NBS Manufacturing PMI in China rose to 50.2 in September (from 49.7 in August), ahead of the 50.0 estimates. However, the Caixin China Manufacturing PMI declined to 50.6 in September (from 51.0), missing the estimates of 51.2

❗️Although some of the global PMIs recovered slightly in September, they mostly remained below 50.0, which might weigh further on the manufacturing sector. Meanwhile, any new potential stimulus for the Chinese economy might bolster its construction activity and, hence, the demand for industrial metals (e.g. steel, copper and aluminium) later in 2H23-2024

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