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Morning Bites (part 1)

🌏Global manufacturing PMIs remained subdued in December. The Eurozone Markit Manufacturing PMI was 44.4 (vs. consensus estimates of 44.2), a slight increase from November's 44.2. The US ISM manufacturing PMI rose to 47.4, from 46.7 in the previous month.

🇨🇳The official NBS Manufacturing PMI in China declined further, to 49.0 in December (from 49.4 in November). However, the Caixin China Manufacturing PMI inched up to 50.8 in December (from 50.7), beating the consensus estimates of 50.4.

❗️Overall, global PMIs remained below 50.0 in December, which indicates the ongoing slowdown in the manufacturing sector. Meanwhile, Beijing's efforts to bolster the local economy via construction activity might result in stronger demand for industrial metals (e.g. steel, copper and aluminium) in 2024

#PMIs
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