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Morning Bites

🌏Global manufacturing PMIs showed mixed dynamics in May. The Eurozone Markit Manufacturing PMI recovered to 47.3 (the highest point since March 2023). The US ISM manufacturing PMI was at 48.7 (vs. the consensus of 49.6)

🇨🇳The official NBS Manufacturing PMI in China shrank to 49.5 in May (from 50.4 in April), missing the market estimates of 50.5. Meanwhile, the Caixin China Manufacturing PMI was at 51.7 in May - ahead of the 51.5 forecasts

🇮🇳 Although the Indian manufacturing PMI slowed to 57.5 (vs. the consensus of 58.4), it remains the strongest of the indicators among the world's key economies

❗️The US and EU PMIs remained weak in April (staying below 50.0), but the Chinese and Indian data were rather strong. Overall, this reflects the improving sentiment in the Asian manufacturing sectors, which is a positive factor for the industrial metals demand (e.g. steel, aluminum and copper)

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