Morning Bites (part 2)

🌏Global manufacturing PMIs were broadly weak in June. The Eurozone Markit Manufacturing PMI was 49.5 (vs. 49.4 in May), while the US ISM Manufacturing PMI rose to 49.0 (from 48.5)

🇨🇳The official NBS Manufacturing PMI in China inched up to 49.7 (vs. 49.5 a month ago). Meanwhile, the Caixin China Manufacturing PMI stood at 50.4

🇮🇳 India’s manufacturing PMI of 58.4 remains one of the strongest indicators among the world's key economies

❗️Overall, global PMI indices remained below 50.0 in June, underlining the weakness of local manufacturing activity, except India, with PMI continuously over 55.0. In our view, further progress in US-China trade negotiations would be favourable for the sentiment in the global manufacturing sector, which is a supportive factor for industrial metals prices (e.g., copper and aluminium)

#PMIs