Overview
- China’s official manufacturing PMI registered 49.2 in November, contracting for an eighth month, while the non‑manufacturing gauge fell to 49.5 in its first decline since December 2022 as the holiday boost faded.
- The private S&P Global/RatingDog manufacturing PMI dipped to 49.9, showing stalled production, renewed job shedding and faster inventory drawdowns despite a pickup in new export orders after the October trade truce.
- Officials pointed to fragile services demand tied to the prolonged property slump, even as high‑tech manufacturing stayed slightly expansionary and small firms showed the most improvement.
- Beijing has rolled out a consumption‑boost plan focused on rural upgrades and niche consumer categories, with markets looking to the December Central Economic Work Conference for further policy signals.
- India’s HSBC/S&P Global manufacturing PMI eased to 56.6, a nine‑month low, as new export orders hit a 13‑month low and business confidence fell, with HSBC citing U.S. tariffs as a key drag while New Delhi pursues tariff discussions with Washington.