Overview

• Russia's manufacturing sector saw its sharpest contraction in nearly three years in March, with the PMI falling to 48.2 due to weak domestic and export demand.
• The UK's manufacturing PMI dropped to 44.9, its lowest since October 2023, driven by declining export orders and domestic tax pressures.
• Germany's manufacturing PMI rose to 48.3, its highest since August 2022, as production increased for the first time in nearly two years, bolstered by restocking and pre-tariff orders.
• The euro zone's manufacturing PMI climbed to 48.6, showing initial recovery signs with output rising for the first time in two years, though concerns remain over potential U.S. tariff impacts.
• Manufacturers globally are bracing for U.S. President Donald Trump's tariff announcement on April 2, which is expected to reshape trade flows and manufacturing sentiment.