Overview
- U.S. manufacturing contracted for an eighth month as the ISM index fell to 48.7, with suppliers taking longer to deliver and factories citing tariffs as a major constraint.
- China’s private manufacturing PMI eased to 50.6 from 51.2 as new export orders fell sharply on trade uncertainty, even after a limited tariff truce; hiring rose for the first time in seven months.
- India led the pack with an HSBC/S&P PMI of 59.2, powered by robust domestic demand, GST relief and festive spending, as firms lifted output, purchasing and headcount.
- Euro zone manufacturing stagnated at 50.0, with new orders flat, export demand weaker and jobs declining, as Spain expanded to 52.1 while Germany and France remained in contraction.
- Japan’s PMI slid to 48.2, the fastest decline in 19 months on auto and semiconductor weakness, and South Korea fell back to 49.4 with exporters flagging reduced U.S. demand linked to tariffs.