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Morning Bites

🌏Global manufacturing PMIs remained soft in October. The Eurozone Markit Manufacturing PMI was 45.9 last month (vs. 45.0 in September). The US ISM manufacturing PMI fell to 45.6 (from 47.2, missing market expectations of 47.7)

🇨🇳The official NBS Manufacturing PMI in China was 50.1 (vs. 49.8 a month ago). Meanwhile, the Caixin China Manufacturing PMI rose to 50.3, surpassing the forecasts of 49.7

🇮🇳 India’s manufacturing PMI was 57.4, remaining one of the strongest indicators among the world's key economies

❗️In October, EU/US PMIs remained below 50.0, underlining the ongoing slowdown in their manufacturing activity. Meanwhile, China’s new fiscal stimulus (expected to be announced this week) might bolster local demand for industrial metals in 4Q24-2025 (e.g. steel, aluminum and copper), we believe

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