Morning Bites

🌏 Global manufacturing PMIs showed mixed dynamics in August. The Eurozone Markit Manufacturing PMI rose to 52.7 (vs. 51.9 in July), while the US ISM Manufacturing PMI declined to 54.6 (vs. 55.6 earlier), primarily due to a slowdown in new orders and weaker employment growth

🇨🇳 The official NBS Manufacturing PMI in China increased to 49.8 (from 49.2 a month ago). The Caixin China Manufacturing PMI also improved to 51.5 (vs. 50.9 earlier)

🇮🇳 India’s manufacturing PMI was at 52.8 (down from 53.5 a month ago), as output and new orders expanded at their slowest pace since August 2021 amid softer demand and challenging market conditions. Manufacturing employment also declined for the first time in two-and-a-half years

❗️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 improved in August, although the official NBS index remained below 50.0. Meanwhile, the United States remains the standout with robust PMI figures

#PMIs