Morning Bites (part 2)

🌏Global manufacturing PMIs showed overall negative dynamics in May. The Eurozone Markit Manufacturing PMI declined to 44.8 (consensus estimate - 44.6), from 45.8 in April, its lowest point since May 2020. The US ISM manufacturing PMI also fell, to 46.9 (from 47.1 in April)

🇨🇳The official NBS Manufacturing PMI in China dropped further, to 48.8 in May (from 49.2 in April), missing market estimates of 49.4. However, the Caixin China Manufacturing PMI recovered to 50.9 in April (from 49.5), ahead of the 50.3 forecasts

❗️The global manufacturing sector remained subdued in May, as indicated by PMIs below 50.0. The continuous deterioration in activity in the EU/US and China is likely to have an adverse impact on the demand for industrial metals (e.g. steel, aluminum and copper). Nonetheless, China's significant liquidity injections in early 2023 and plans for massive infrastructure projects might bolster metals consumption later this year

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