Morning Bites (part 1)

🌏Global manufacturing PMIs showed mixed dynamics in April. The Eurozone Markit Manufacturing PMI dropped to 45.6 (4-month low), below the consensus estimate of 46.5. Meanwhile, the US ISM manufacturing PMI again turned into the negative zone, standing at 49.2 in April (vs. the consensus estimate of 50.0)

🇨🇳The official NBS Manufacturing PMI in China slid to 50.4 in April (vs. 50.8 in March), which was in-line with the market estimates of 50.3. Meanwhile, the Caixin China Manufacturing PMI was at 51.4 — vs. the forecasts of 51.0

🇮🇳 Indian manufacturing PMI remained near record highs at 58.8, but slightly short of consensus (59.5)

❗️Although US an especially EU PMIs were weak in April (by staying below 50.0), Chinese and Indian PMIs dynamics were strong. In our view, this underpins improving sentiment in the respective local manufacturing sectors — a positive factor for the industrial metals consumption (e.g. steel, aluminum and copper)

#PMIs
https://metals-wire.com/news-reports