Overview
- U.S. factories led the gains, with the ISM manufacturing PMI rising to 55.6 on Monday, the strongest reading since May 2022, lifted by rising new orders and a rebound in factory hiring.
- Eurozone output climbed to a multi‑year high with the S&P Global headline PMI near 51.9, but producers said the rise reflected work through backlogs rather than a clear pickup in new orders.
- China’s manufacturing momentum weakened in July as S&P’s private RatingDog PMI fell to 50.9 and an official survey showed factory activity slipping into contraction, prompting officials to speed up planned fiscal infrastructure spending.
- India’s HSBC/S&P PMI eased to 53.5 in July, the slowest pace since August 2021, with new-order growth and hiring cooling even as export demand provided some support.
- Surveys point to persistent risks: firms have been rebuilding inventories and facing longer supplier lead times and higher energy costs, a combination that could lift factory‑gate inflation, squeeze household budgets, and leave growth fragile if fresh demand does not strengthen.