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Morning Bites

🌏Global manufacturing PMIs weakened in July. The Eurozone Markit Manufacturing PMI remained flat at 45.8. The US ISM manufacturing PMI was at 46.4 (firmly below market expectations of 48.8)

🇨🇳The official NBS Manufacturing PMI in China shrank to 49.4 in July (vs. 49.5 a month ago). Meanwhile, the Caixin China Manufacturing PMI stood at 49.8 in July — missing the forecasts of 51.5

🇮🇳 Although the Indian manufacturing PMI slowed to 58.1 (vs. the consensus of 59.0), it remains one the strongest indicators among the world's key economies

❗️Overall, most of global PMIs remained below 50.0 in July, indicating an ongoing slowdown in their manufacturing activity. However, strong PMI data from India might partly offset the negative impact on demand for industrial metals (e.g. steel, aluminum and copper), we believe

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