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Morning Bites (part 2)

🌏Global manufacturing PMIs showed mixed dynamics in April. The Eurozone Markit Manufacturing PMI was 49.0 (vs. 48.6 in March), while the US ISM manufacturing PMI slid to 48.7

🇨🇳The official NBS Manufacturing PMI in China dropped to 49.0 (vs. 50.5 a month ago). Meanwhile, the Caixin China Manufacturing PMI stood at 50.4

🇮🇳 India’s manufacturing PMI of 58.2 remains one of the strongest indicators among the world's key economies

❗️Overall, EU and US PMI indices remain below 50.0, underlining the weakness of local manufacturing activity. Meanwhile, we reiterate our view that additional Chinese stimulus expected in 2025 (in addition to the recently announced package) might bolster local demand for industrial metals this year (e.g. aluminum and copper)

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