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Morning Bites (part 1)
 
🌏Global manufacturing PMIs showed overall weak dynamics in October. The Eurozone Markit Manufacturing PMI was reported at 43.0 (vs. 43.4 in September), missing the estimates of 43.7. The US ISM manufacturing PMI also fell to 46.7, after the 10-month high of 49.0 in September, well below expectations of 49.0
 
🇨🇳The official NBS Manufacturing PMI in China suddenly dropped to 49.5 in October (from 50.2 in September), missing the 50.2 estimates, in line with the Caixin China Manufacturing PMI (49.5 vs. 50.6 in September), that also missed the estimates of 50.8
 
❗️Overall, the dynamics of the main global PMIs deteriorated in October, staying below 50.0, which might weigh further on the manufacturing sector. On the other hand, China’s new economic stimulus, aimed at infrastructure projects, might add support to local construction activity in 4Q23-2024 and, hence, bolster the demand for industrial metals

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