Morning Bites (part 1)

🌏Global manufacturing PMIs showed mixed dynamics in February. The Eurozone Markit Manufacturing PMI decreased slightly to 48.5 (from 48.8 in January, in line with consensus). Meanwhile, the US ISM manufacturing PMI inched up to 47.7 (from 47.4, but still below the consensus estimate of 48.0)

🇨🇳At the same time, China's official PMI surged to 52.6 in February (from 50.1 in January), substantially outperforming the market forecast of 50.5. China's Caixin manufacturing PMI also increased, to 51.6 (from 49.2), beating the consensus estimate of 50.2

❗️Below-50 manufacturing PMIs in the US and Eurozone indicate a manufacturing sector contraction in these regions, which is negative for the demand for industrial metals. At the same time, upbeat Chinese PMIs provide some positive read-across on the country's manufacturing sector. This underpins our view on higher demand for industrial metals, amid the reopening in China

#PMIs
https://metals-wire.com:3000/news-reports