Overview
- India’s HSBC Manufacturing PMI jumped to 59.2, with strong domestic demand, GST-related support and ongoing hiring offsetting softer export growth and keeping selling prices elevated.
- The U.S. ISM manufacturing index fell to 48.7 for an eighth straight month of contraction, with manufacturers citing tariffs for longer supplier delivery times as input cost pressures eased from recent highs.
- Euro zone manufacturing was flat at 50.0, with output edging higher but new orders stagnating and headcount falling, while Germany stayed in contraction at 49.6 and Spain expanded to 52.1.
- China’s private RatingDog PMI slowed to 50.6 as new export orders fell on renewed trade uncertainty, and South Korea slipped back into contraction at 49.4 with firms pointing to weaker U.S. demand despite a new cap on U.S. auto tariffs.
- Japan’s PMI dropped to 48.2, the sharpest contraction in 19 months led by autos and semiconductors, and the UK’s 49.7 reading reflected a one-off boost from Jaguar Land Rover’s post-cyberattack restart that surveyors warned may prove short-lived.