Morning Bites (part 1)

🌏 Global manufacturing PMIs showed mixed dynamics in July. The Eurozone Markit Manufacturing PMI came in at 51.9 (vs. 51.4 in June), while the US ISM Manufacturing PMI jumped to 55.6 (vs. 53.3 earlier), reflecting stronger output amid solid demand, resilient investments (including AI‑related capex) and still low inventories

🇨🇳 The official NBS Manufacturing PMI in China, however, edged down to 49.2 (from 50.3 a month ago). The Caixin China Manufacturing PMI also declined to 50.9 (vs. 51.7 earlier)

🇮🇳 India’s manufacturing 53.5 remains one of the strongest indicators among the key global economies

❗️Overall, manufacturing PMI readings in western economies remained above 50.0, which could be a positive sign for local industrial metals demand, if the trend persists, we think. At the same time, Chinese PMIs showed rather weak dynamics, while India is the standout with continuously robust PMI figures

#PMIs