Core Viewpoint - The global manufacturing Purchasing Managers' Index (PMI) has remained below 50% for three consecutive months, indicating a low point in the global economy [1] Group 1: Global Manufacturing PMI - In May, the global manufacturing PMI was recorded at 49.2%, an increase of 0.1 percentage points from the previous month, but still below the critical threshold of 50% for three months in a row [1] - The Americas' manufacturing PMI stood at 48.4% in May, unchanged from the previous month, and has been below 49% for three consecutive months, indicating ongoing contraction in the region's manufacturing sector [1] Group 2: Country-Specific Data - The manufacturing PMI for the United States in May was 48.5%, a decrease of 0.2 percentage points from the previous month, marking a decline for four consecutive months [1] - The data suggests that the imposition of tariffs in the U.S. has contributed to the continued weakening of the manufacturing sector [1]

Core Insights - The S&P Global Australia Manufacturing PMI decreased from 51.7 to 51 in May 2025, marking the lowest level since February of the same year, indicating a slowdown in the expansion of the manufacturing sector [1][2] - The manufacturing sector has remained above the neutral level of 50 for five consecutive months, suggesting ongoing expansion despite the reduced pace [1] Manufacturing Sector Performance - In May, the growth of new orders in the Australian manufacturing sector was at its lowest in three months, partially influenced by the recent federal election [1][2] - New export orders saw their first increase in three months, indicating potential recovery in international demand [1][2] Production and Employment Trends - Factory output experienced its second decline of the year in May, alongside decreases in purchasing activity and inventory levels [1] - Despite the drop in output, manufacturing firms continued to increase employment, leading to the fastest reduction in backlogs since November of the previous year [2] Cost and Pricing Dynamics - Average input costs in the manufacturing sector rose due to increased raw material and transportation costs, but the rate of increase was lower than in April and the lowest since November of the previous year [2] - The ability of manufacturing firms to raise sales prices at a rate below historical averages suggests a cautious approach to pricing amid fluctuating costs [2] Future Outlook - Forward-looking indicators suggest that manufacturing output may rebound in the coming months, supported by the growth in new export orders and a rise in business confidence [2] - The stabilization of the macroeconomic and trade environment is expected to contribute positively to sales growth over the next 12 months [2]

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for May is reported at 49.5%, indicating an improvement in economic activity compared to the previous month [1] - New export orders index increased to 47.5%, up by 2.8 percentage points from last month, reflecting a recovery in foreign trade orders [1] - The production index rose to 50.7%, an increase of 0.9 percentage points, indicating a faster pace of production activities in the manufacturing sector [1] Group 2 - The large enterprises PMI stands at 50.7%, up by 1.5 percentage points from the previous month, signaling a positive trend in large-scale manufacturing [2] - High-tech manufacturing PMI is at 50.9%, maintaining expansion for four consecutive months, indicating a stable development trend [2] - The production and business activity expectation index is at 52.5%, reflecting stable confidence among manufacturing enterprises regarding market development [2] Group 3 - The non-manufacturing business activity index is at 50.3%, slightly down by 0.1 percentage points but still above the critical point, indicating ongoing economic recovery [3] - The service industry business activity index increased to 50.2%, up by 0.1 percentage points, driven by the effects of the May Day holiday [4] - Significant recovery in business activity indices for sectors such as railway transport, air transport, accommodation, and catering, all remaining in the expansion zone [4]

Group 1 - In May, the manufacturing Purchasing Managers' Index (PMI) in China rose to 49.5%, indicating an improvement in manufacturing sentiment and economic stability [1] - Both supply and demand in the manufacturing sector showed recovery, with the production index exceeding 50%, signaling accelerated manufacturing activities [3] - The high-tech manufacturing PMI has remained in the expansion zone for four consecutive months, indicating a positive development trend [3] Group 2 - The production and new order indices for industries such as agricultural processing, specialized equipment, and aerospace have exceeded 54%, reflecting rapid growth in supply and demand [4] - The PMI for large enterprises has rebounded above 50%, showing a swift recovery, while small enterprises also experienced significant improvements, demonstrating the resilience of the Chinese economy [6] - The non-manufacturing business activity index for May was 50.3%, indicating continued expansion, with positive performances in investment, consumption, and export-related sectors [6]

Group 1: Manufacturing PMI Insights - In May, the manufacturing PMI rose to 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in economic conditions [1][2] - The production index reached 50.7%, up 0.9 percentage points, signaling accelerated manufacturing activity, while the new orders index increased to 49.8%, up 0.6 percentage points [2] - Large enterprises saw their PMI rise to 50.7%, returning to the expansion zone, with production and new orders indices at 51.5% and 52.5%, respectively [2] Group 2: High-Tech and Export Performance - High-tech manufacturing PMI stood at 50.9%, maintaining expansion for four consecutive months, while equipment manufacturing and consumer goods sectors also showed improvement [3] - New export orders and import indices increased to 47.5% and 47.1%, respectively, reflecting a recovery in foreign trade orders, particularly from companies engaged with the U.S. market [3] Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index was 50.3%, slightly down by 0.1 percentage points but still indicating expansion [4] - The service sector's business activity index rose to 50.2%, driven by increased consumer activity during the "May Day" holiday, with significant growth in transportation and hospitality sectors [4] - The construction sector maintained expansion with a business activity index of 51.0%, although it showed a slight decline from the previous month [4] Group 4: Composite PMI Overview - The composite PMI output index increased to 50.4%, up 0.2 percentage points, indicating continued expansion in production and business activities across sectors [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.7% and 50.3%, respectively [6]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in April dropped to 49%, indicating a contraction, while the non-manufacturing business activity index and the composite PMI output index remained in the expansion zone at 50.4% and 50.2% respectively, reflecting a stable economic foundation despite external uncertainties [1][5]. Manufacturing Sector - The manufacturing PMI decreased by 1.5 percentage points in April, attributed to external environmental changes and seasonal factors, as March is typically a peak season for manufacturing [1][2]. - The new orders index for manufacturing was significantly higher than the new export orders index, indicating stable domestic demand despite a decline in export orders [2]. - High-tech manufacturing sectors continued to expand, showing resilience in production activities [5]. Non-Manufacturing Sector - The non-manufacturing PMI stood at 50.4%, down 0.4 percentage points from the previous month, but still indicating stable expansion [3]. - The construction sector showed robust activity, particularly in infrastructure, with the civil engineering business activity index rising over 5 percentage points to above 60% [3]. - Consumer sectors, including travel and leisure, experienced increased activity, with indices for air transport and entertainment rising above 55% and 51% respectively [3]. Economic Outlook - The composite PMI output index was at 50.2%, down 1.2 percentage points, but still above the critical point, indicating overall production expansion [5]. - Experts suggest that despite short-term disruptions from global uncertainties, the economic foundation remains solid, supported by a large domestic market and effective policy measures [2][4]. - The business activity expectation index for non-manufacturing remained high at over 56%, reflecting optimism among enterprises regarding future market conditions [4][6].

Group 1 - The manufacturing Purchasing Managers' Index (PMI) for France in April reported at 48.7, showing an increase from the preliminary data of 48.2 [1]

Group 1 - In April, China's manufacturing Purchasing Managers' Index (PMI) fell to 49%, a decrease of 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [1] - The decline in the manufacturing PMI is attributed to external factors, particularly the impact of U.S. tariffs, as well as a correction following a significant rebound in March [1][2] - The new export orders index dropped by 4.3 percentage points in April, reflecting a tightening in short-term export demand and overall market demand [1] Group 2 - Despite the challenges in foreign trade, China's economic foundation remains solid, supported by its large market size and complete industrial supply chain, which can effectively withstand external shocks [1] - In the context of weak overall market demand, new momentum in the manufacturing sector continues to show stable growth, with high-tech manufacturing new orders index above 53% and equipment manufacturing new orders index above 51% [2] - The production index for high-tech manufacturing remains at a favorable level of 52%, while the production index for consumer goods manufacturing stays above 50%, indicating ongoing stability in these sectors [2] Group 3 - The manufacturing activity expectation index for April remains optimistic at over 52%, suggesting that enterprises maintain a positive outlook for future production and operations [2] - The recent meeting of the Central Political Bureau emphasized the need for proactive macroeconomic policies and measures to support struggling enterprises, aiming to stabilize economic growth [2][3] - Globally, major economies are experiencing a contraction in manufacturing due to increased uncertainty in trade environments, highlighting the need for high-quality development to address external challenges [3]

Group 1 - The National People's Congress passed the Private Economy Promotion Law, effective from May 20, 2025 [1] - In April, China's manufacturing Purchasing Managers' Index (PMI) was at 49%, a decrease of 1.5 percentage points from the previous month [2] - The Caixin China Manufacturing PMI dropped to 50.4 in April, down 0.8 percentage points from March, marking the lowest level in three months [2] Group 2 - The Ministry of Transport estimates that approximately 1.42 billion people will travel across regions during the "May Day" holiday, a year-on-year increase of about 4.5% [3] - The market showed mixed performance in early trading, with the Shanghai Composite Index down 0.08%, while the Shenzhen Component Index rose by 0.73% and the ChiNext Index increased by 1.01% [5] - The Hong Kong stock market saw the Hang Seng Index rise by 0.22% and the Hang Seng Tech Index increase by 1.06% at midday [6]

Core Insights - The manufacturing purchasing managers' index (PMI) in April decreased to 49%, a decline of 1.5 percentage points from the previous month, indicating a contraction in the manufacturing sector [1] - Despite the overall decline in the PMI, high-tech manufacturing industries continue to expand, suggesting resilience in specific sectors [1] - Manufacturing enterprises that focus on domestic sales are maintaining stable production and operations, reflecting a degree of stability in the industry [1]