As PMI manufacturing surveys are released around the world, we get an early read on the state of glkobal manufacturing. As the below table shows, out of the 25 countries that have reported so far, 8 reported improvements in their manufacturing sectors in September, while 15 recorded a weakening, and 2 remained unchanged.
A reading above 50 reflects expansion, while below 50 indicates contraction.
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As BofA notes,
There were 8 countries in negative territory and 17 in positive. In particular, Austria, Germany, Greece, Korea, and Norway moved from contraction to expansion, while Italy and South Africa did the reverse.
Our China economist note that, thanks in part to the easing measures implemented in the past month, the China PMI was stabilized, but is yet to rebound.
Our Europe economist notes that weakness in the Euro Area was mostly driven by Germany. Moreover, he highlighted that Euro Area PMIs (as well as German PMIs) are consistent with moderate expansion in 3Q.
Lastly, our UK Economist noted that the decline in the UK PMI was attributed primarily to slower exports growth to the Euro Area, and the index is at the lowest since May 2013.
