Overview

• China’s official manufacturing PMI fell to 49.7 in June, its third straight month below the growth mark.
• The Caixin/S&P Global PMI rose to 50.4, signaling a private-sector rebound that contrasts with official figures.
• In May, consumer prices declined 0.1%, producer prices posted their largest annual drop since July 2023, and industrial profits plunged 9.1%, underscoring deflationary strain.
• India’s HSBC manufacturing PMI surged to 58.4 in June, its highest in 14 months, even as May industrial output growth slowed to 1.2%.
• Regional readings were mixed, with Japan’s PMI reaching 50.1, the eurozone nearing expansion at 49.5, and South Korea’s PMI remaining in contraction at 48.7 under tariff uncertainty.