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Morning Bites

🌏Global manufacturing PMIs remained broadly weak in February. The Eurozone Markit Manufacturing PMI was reported at 46.6, slightly above the 46.5 seen in January. The US ISM manufacturing PMI fell to 47.8, well below the market estimates of 49.5

🇨🇳The official NBS Manufacturing PMI in China was at 49.1 in February (vs. 49.2 in January), slightly below the consensus of 49.2. At the same time, the Caixin China Manufacturing PMI unexpectedly rose to 50.9 in February, ahead of the 50.6 estimates

❗️Overall, global PMIs remained well below 50.0, reflecting adverse sentiment in the manufacturing sector. Meanwhile, China’s record high liquidity injections in early 2024 and the new economic stimulus recently announced by Beijing might add support to the demand for industrial metals (e.g. steel, copper and aluminium) later this year, we believe

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