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Morning Bites (part 1)

🌏Global manufacturing PMIs were broadly weak in November. The Eurozone Markit Manufacturing PMI was 44.2 (vs. consensus estimates of 43.8), a slight increase from October's 43.1. The US ISM manufacturing PMI was unchanged MoM at 46.7

🇨🇳The official NBS Manufacturing PMI in China slightly fell to 49.4 in November (49.5 in October), below 49.7 estimates. However, the Caixin China Manufacturing PMI recovered to 50.7 in November (from 49.5), beating the consensus estimates of 49.8

❗️Overall global PMIs remained below 50.0, which might weigh further on the manufacturing sector. However, Beijing's efforts to bolster the local economy via the property sector might support the country’s construction activity and, therefore, the demand for industrial metals (e.g. steel, copper and aluminium) in 2024

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