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Post #1397 224
Morning Bites (part 1)
 
🌏Global manufacturing PMIs showed some improvement in January. The Eurozone Markit Manufacturing PMI was reported at 46.6, the highest in ten months and in line with the preliminary estimates. The US ISM manufacturing PMI unexpectedly jumped to 49.1 (from 47.4 in December), the highest since October 2022
 
🇨🇳The official NBS Manufacturing PMI in China rose to 49.2 in January (from 49.0 in December), meeting the consensus estimates. At the same time, the Caixin China Manufacturing PMI remained at 50.8 in January, ahead of the 50.6 estimates
 
❗️Although some of the global PMIs showed a moderate recovery in January, they mostly remained below 50.0 (an unfavourable factor for the manufacturing sector). However, we believe that new economic stimulus for the Chinese economy might bolster its demand for industrial metals (e.g. steel, copper and aluminium) later in 2024
 
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