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Morning Bites (part 1)

🌏Global manufacturing PMIs were broadly weak in May. The Eurozone Markit Manufacturing PMI was 49.4 (vs. 49.0 in April), while the US ISM Manufacturing PMI slid to 48.5

🇨🇳The official NBS Manufacturing PMI in China inched up to 49.5 (vs. 49.0 a month ago). Meanwhile, the Caixin China Manufacturing PMI slid to 48.3

🇮🇳 India’s manufacturing PMI of 57.6 remains one of the strongest indicators among the world's key economies

❗️Overall, global PMI indices were below 50.0 in May, underlining the weakness of local manufacturing activity, exept India, with PMI continuously over 55.0. Meanwhile, we reiterate our view that the additional Chinese stimulus we expect 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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