Group 1 - The Asian manufacturing Purchasing Managers' Index (PMI) for October 2025 is reported at 50.7%, a slight decrease of 0.2 percentage points from the previous month, marking six consecutive months above 50% [1] - China's manufacturing PMI has decreased compared to the previous month, while India's manufacturing PMI has increased to over 59% [1] - Among ASEAN countries, Thailand, Indonesia, the Philippines, and Vietnam have all seen varying degrees of PMI increases, remaining above 50%, whereas Malaysia's PMI has decreased and is below 50% [1] Group 2 - Japan and South Korea's manufacturing PMIs have both declined compared to the previous month and are below 50% [1] - Overall, the Asian manufacturing sector continues to show stable expansion and resilience [1] - The International Monetary Fund (IMF) projects a 4.5% economic growth rate for the Asia-Pacific region in 2025, an increase of 0.6 percentage points from the April forecast, contributing approximately 60% to global economic growth [1]

Core Insights - The report from the Institute for Supply Management indicates that U.S. manufacturing activity continued to decline in October, marking the eighth consecutive month of contraction [1] - The Purchasing Managers' Index (PMI) for October fell to 48.7 from 49.1 in the previous month, with a reading below 50 indicating a contraction in the manufacturing sector [1] Manufacturing Sector Performance - Only 2 out of the surveyed industries reported expansion in October, while 12 industries experienced contraction [1] - The chemical products sector reported that uncertainty in the global economic environment and fluctuating tariff policies led to order cancellations or reductions, putting continued pressure on business [1] - The machinery manufacturing sector indicated that ongoing tariff impacts and a lack of domestic alternatives for imported products hindered plans for reshoring manufacturing [1] Economic Outlook - The chair of the manufacturing survey committee, Susan Spence, noted that the pace of contraction in U.S. manufacturing activity accelerated in October, particularly in production and inventory metrics [1] - Despite some improvements in August and September, short-term growth has not translated into sustained growth in manufacturing, reflecting ongoing economic uncertainty [1]

Group 1 - The core point of the article indicates that the Russian manufacturing sector is experiencing a significant decline, with the Purchasing Managers' Index (PMI) dropping to 48 in October, down from 48.2 in September, marking the largest decline since July [1] - The data shows that manufacturing activity has been decreasing for five consecutive months, with employment levels and procurement of inputs also declining further in October [1] - The speed of decline in manufacturing procurement activities has accelerated, reaching the fastest level in three months, indicating a worsening economic situation [1] Group 2 - The report highlights a reduction in new orders, which has alleviated some capacity pressure for manufacturers, leading to a faster decrease in backlogged orders and inventory levels [1] - Additionally, companies noted that in October, due to shortened supplier delivery times, there is an occurrence of overcapacity in the industry [2]

Core Insights - The Netherlands' manufacturing Purchasing Managers' Index (PMI) fell to 51.8 in October, down from 53.7 in September, marking the lowest level since June 2024 [1] - Despite remaining above the neutral 50 mark, the manufacturing sector is experiencing a significant slowdown in expansion [1] Manufacturing Activity - New orders continue to be the main driver of manufacturing activity, with increased demand from European and Asia-Pacific customers leading to a rise in export demand [1] - Manufacturing output has maintained a continuous growth trend since March 2024 [1] Employment Trends - The number of manufacturing jobs decreased for the first time since May 2024, influenced by voluntary resignations, corporate restructuring, and a reduction in temporary staff [1] Cost Pressures - Input costs have slightly increased due to rising prices of food, energy, and raw materials [1] - However, factory gate price inflation has further slowed, reaching the lowest level in a year, indicating limited ability for companies to pass on costs to downstream customers [1] Future Outlook - Despite the weakening expansion momentum, Dutch manufacturers remain optimistic about their business outlook for the next twelve months, although overall confidence is still below the historical average for the PMI series [1]

Core Insights - Turkey's Consumer Price Index (CPI) rose by 32.87% year-on-year in October, a decrease from 33.29% in September, marking the lowest level since November 2021 [1] - The manufacturing Purchasing Managers' Index (PMI) fell to 46.5 in October, indicating a continued contraction for the 19th consecutive month [1][2] Inflation and Price Changes - Food and non-alcoholic beverage prices increased by 34.87% - Housing prices rose by 50.96% - Clothing and footwear prices increased by 7.98% - Household equipment prices rose by 28.9% - Healthcare prices increased by 32.06% - Communication prices rose by 19.35% - Education prices surged by 65.69% - Prices in hotels, cafes, and restaurants increased by 33.78% - Miscellaneous goods and services prices rose by 30.13% - Transportation prices increased by 27.33% - Alcoholic beverages and tobacco prices rose by 27.56% - Cultural and entertainment prices increased by 25.32% [1] Economic Activity and Monetary Policy - Output is declining at a strong pace due to weak demand and slowing new orders, with both domestic and export markets showing low performance [2] - The Central Bank of Turkey lowered the benchmark interest rate by 100 basis points to 39.5% on October 23, marking the third rate cut since July [2] - The market anticipates that the policy rate will decrease to 37.5% by the end of 2025 [2]

Group 1 - The core point of the article highlights that Jaguar Land Rover's resumption of operations has significantly boosted the UK's manufacturing sector, leading to the highest manufacturing Purchasing Managers' Index (PMI) in nearly a year at 49.7 in October, up from 46.2 in September [1] - The recovery in manufacturing output is primarily driven by the production of intermediate goods, reflecting the positive impact of Jaguar Land Rover's phased production recovery on its supply chain [1] - Following a cyberattack in August 2025, Jaguar Land Rover's three UK factories were fully shut down, causing a drop in UK car production to the lowest level in 73 years in September; the gradual resumption of production is revitalizing thousands of related enterprises in the supply chain [1] Group 2 - Despite the improvement in October, the manufacturing PMI has been in contraction territory since October 2024, and the recovery is seen as a one-time rebound dependent on Jaguar Land Rover's reopening, with ongoing weak domestic and international market demand [2] - Manufacturers are closely monitoring the upcoming budget announcement by the UK Chancellor on November 26, amid concerns over potential tax risks and the impact of U.S. tariff policies [2] - In October, the number of jobs in the UK manufacturing sector continued to decline, but the decrease was the smallest in 12 months; input cost growth has also slowed to the lowest level of the year, providing a positive signal for the Bank of England regarding potential interest rate cuts [2]

Core Viewpoint - The A-share indices collectively rose today, indicating a positive trend in the market, with significant trading activity in the A500 ETF, which reached a record high in scale [1]. Group 1: Market Performance - The CSI A500 index increased by 0.7% [1] - The CSI A100 index rose by 0.8% [1] - The CSI A50 index gained 0.6% [1] - The A500 ETF from E Fund (159361) had a trading volume of approximately 4 billion yuan [1] - The latest scale of this product exceeded 23 billion yuan, marking a historical high [1] Group 2: Manufacturing Sector Insights - The manufacturing Purchasing Managers' Index (PMI) for September rose by 0.4 percentage points to 49.8%, reaching a six-month high, indicating ongoing improvement in manufacturing sentiment [1] - The manufacturing production index stood at 51.9%, an increase of 1.1 percentage points from the previous month, also a six-month high [1] - The new orders index increased to 49.7%, up by 0.2 percentage points [1] - The new export orders index rose by 0.6 percentage points to 47.8% [1]

Group 1 - The manufacturing PMI in China increased by 0.4 percentage points to 49.8% in September, indicating a slight recovery in manufacturing activity [1] - Factors contributing to this recovery include the easing of adverse weather conditions, the implementation of consumer loan interest subsidies, and the full rollout of the third batch of national subsidies for trade-in programs [1] - The production index rose to 51.9%, the highest in nearly six months, while the new orders index increased to 49.7% [1] Group 2 - Large enterprises reported a PMI of 51.0%, while medium and small enterprises had PMIs of 48.8% and 48.2%, respectively, indicating varying levels of manufacturing activity across different enterprise sizes [1] - The non-manufacturing PMI recorded a value of 50.0%, a decrease of 0.3 percentage points from the previous month, with the construction sector index at 49.3% and the services sector index at 50.1% [5] - Certain service industries, such as postal and telecommunications, showed strong activity with indices above 60.0%, while sectors like catering and real estate remained below the critical point [5] Group 3 - Economic forecasts suggest that the fourth quarter may see the implementation of new policy measures to support economic growth, including financial tools and potential monetary easing [2][4] - The National Development and Reform Commission is actively working on new policy financial tools, with a total scale of 500 billion yuan aimed at enhancing effective investment [4] - Proposed fiscal measures may include increasing support for equipment updates and extending special government bonds, which could significantly bolster the macroeconomic environment, particularly in manufacturing [5]

Core Insights - The preliminary Manufacturing Purchasing Manager Index (PMI) for Germany in September 2025 is reported at 48.5, which is below both the previous value of 49.8 and the forecasted value of 50, indicating a contraction in the manufacturing sector [1] Economic Data Summary - The PMI is a key economic indicator that reflects the business outlook of purchasing managers regarding the current operating environment [1] - The PMI has predictive capabilities for new orders and industrial production due to its real-time nature and leading characteristics of some components [1] - The data is published by S&P Global on a monthly basis, with the next release scheduled for October 24, 2025 [1] Market Impact - The reported PMI data is expected to have a negative impact on gold, silver, crude oil, and the euro [1]

Core Insights - The S&P Global report indicates that Vietnam's manufacturing sector continued to grow in August 2025, but the growth rate has slowed due to weak demand [1] - The PMI for August remained above the critical point of 50, indicating a slight improvement in manufacturing conditions for the second consecutive month, although it decreased from 52.4 in July to 50.4 in August, suggesting minimal improvement [1] - The report highlights a decrease in new orders in August, following a growth in July, with the decline attributed partly to U.S. tariff policies, which have led to a continuous drop in new export orders for ten consecutive months, with August's decline being significantly larger than the overall drop in new orders [1]