Overview

• Euro zone manufacturing fell back into contraction with the HCOB PMI at 49.8, as Germany, France and Italy all shrank and new orders posted the sharpest drop in six months despite a still-rising output index.
• Britain’s PMI dropped to 46.2, the steepest fall in five months, with output at a six‑month low, an eleventh straight month of job cuts, and reports of disruption from Jaguar Land Rover’s cyberattack alongside pressure from energy, tax and tariff costs.
• U.S. signals split: ISM’s PMI rose to 49.1 for a seventh month of contraction, while S&P Global’s gauge held in expansion at 52.0, with surveys highlighting tariff‑related vendor delays, softer new orders and continued employment weakness.
• China’s official PMI stayed in contraction at 49.8 for a sixth month as the private S&P‑compiled measure improved to 51.2, and the central bank reiterated that policy tools remain available should more support be needed.
• India stayed a global outlier with a still‑robust 57.7 despite cooling growth and firmer input costs, while Canada’s PMI slipped to 47.7 as firms cut output, orders and staffing and cited U.S. trade frictions as a key headwind.