Morning Bites (part 2)

🌏Global manufacturing PMIs showed negative dynamics in April. The Eurozone Markit Manufacturing PMI fell to 45.8 (consensus estimate - 45.5) from 47.3 in March, its lowest point since May 2020. The US ISM manufacturing PMI, however, rose to 47.1 (from the recent three-year low of 46.3)

🇨🇳 The official NBS Manufacturing PMI in China fell further, to 49.2 in April (from 51.9 in March), missing market estimates of 51.4. The Caixin China Manufacturing PMI also fell, to 49.5 in April (from 50.0), missing market forecasts of 50.3

❗️The manufacturing sector is facing a contraction globally, as indicated by PMIs below 50.0. The unexpected sharp falls in the EU and China might negatively affect the demand for industrial metals. Nevertheless, we reiterate our view that demand for industrial metals in 2023 is likely to be bolstered by China's ongoing post-covid recovery and its plans for massive infrastructure projects

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