Morning Bites

🌏 Global manufacturing PMIs mainly improved in January. The Eurozone Markit Manufacturing PMI printed 49.5 (vs. 48.8 in December), while the US ISM Manufacturing PMI jumped to 52.6 (from 47.9), expanding for the first time in 12 months

🇨🇳 The official NBS Manufacturing PMI in China declined to 49.3 (from 50.1 a month ago). Meanwhile, the Caixin China Manufacturing PMI inched up to 50.3 (from 50.1 earlier)

🇮🇳 India’s manufacturing PMI of 55.4 remains one of the strongest indicators among the world's key economies

❗️Overall, manufacturing PMI readings expanded last month in western economies - this could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, Chinese PMIs remain rather neutral (close to 50.0), while India is the standout with continuously robust PMI figures

#PMIs