Overview
- China’s private RatingDog/S&P Global manufacturing PMI eased to 50.6 as export orders fell and margins were squeezed, contrasting with the official PMI at 49.0 that signaled ongoing contraction and highlighting only a tentative lift in factory employment.
- South Korea’s PMI slipped back to 49.4 with firms citing weaker U.S. demand linked to tariffs, while a new deal capping U.S. duties on Korean autos at 15% offered scant immediate support as input costs climbed.
- Australia’s manufacturing PMI fell to 49.7, its first deterioration of 2025, as client destocking and softer domestic conditions led to staff cuts and intensifying margin pressure.
- The euro zone’s final HCOB PMI printed 50.0, with export orders declining and factory jobs falling, even as country results diverged—Spain strengthened to 52.1, Germany stayed weak at 49.6, and France contracted at 48.8.
- India stood out with the HSBC PMI rising to 59.2 on strong domestic demand tied to the festive season and policy support, though growth in new export orders cooled and firms kept output prices elevated.