Overview

• U.S. manufacturing activity improved in November, with the ISM PMI rising to 48.4, driven by a rebound in new orders and cooling input prices, though the sector remains in contraction for the eighth consecutive month.
• China's manufacturing PMI hit a five-month high of 51.5, fueled by new export orders and government stimulus, but concerns linger over potential U.S. tariffs under President-elect Donald Trump.
• European manufacturing continues to contract, with the eurozone PMI falling to 45.2 and Germany and France seeing steep declines in output and new orders, reflecting prolonged economic challenges.
• UK manufacturing PMI dropped to a nine-month low of 48.0, as higher taxes, geopolitical tensions, and weak domestic and export demand weigh on the sector.
• Other regions show varied performances, with South African and Japanese manufacturing contracting, while Spanish and Turkish sectors report modest growth or signs of recovery.