With all eyes on the pace of the global economic recovery, the New Year saw manufacturing indices around the world. Chinese state sector weighted PMI fell to a 3 month low at 53.9 from 55.2 in Nov and was slightly below expectations of 55 but inflation pressures eased a bit and moderation is the focus of Chinese authorities. India’s PMI fell to a 3 month low but was still firmly above 50 at 56.7. South Korea’s PMI rose to the highest since May and the Kospi index closed at an all time record high. Brazil’s PMI rose 2.5 pts to 52.4, the best since June and the Euro Zone final Dec PMI was a touch above initial estimates and was the best since April. The Dec US ISM manufacturing index is out at 10am. The overall positive tone to the data has copper prices at a fresh record high, crude at the highest since Oct ’08 and as a result of all of the above, the focus looking forward will be the response of global interest rates.
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