Morning Bites (part 2)

🌏Global manufacturing PMIs showed mixed dynamics in June. The Eurozone Markit Manufacturing PMI dropped to 45.8 (vs. 47.3 in May). Meanwhile, the US ISM manufacturing PMI remained in the negative zone at 48.5 in June (vs. the consensus estimate of 49.1)

🇨🇳The official NBS Manufacturing PMI in China was unchanged at 49.5, in-line with the market estimates. Simultaneously, the Caixin China Manufacturing PMI was reported at 51.8 (vs. the forecasts of 51.2)

🇮🇳 Indian manufacturing PMI remained near record highs at 58.3 (vs. 57.5 in May), indicating continuously strong business environment

❗️Although US and EU PMIs were weak in June (remaining below the 50.0 waterline), Chinese and Indian PMIs dynamics were strong. In our view, this implies improving sentiment in the Asian manufacturing sectors — a positive factor for the industrial metals consumption (e.g. steel, aluminum and copper)

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