Global Manufacturing Readings Diverge

Global manufacturing readings for September were mixed. India’s PMI slowed to 57.7 but remained well above 50, with firms upbeat about the next 12 months and citing recent GST cuts as a demand boost. Brazil’s S&P Global PMI fell to 46.5—the weakest this year—as domestic demand softened, new orders shrank and firms ran defensive strategies amid high real borrowing costs. Taiwan’s PMI slipped to 48.3 for a fourth straight month below the neutral mark, with 8,505 furloughs and traditional sectors hit hardest while AI-related suppliers showed pockets of strength. Canada’s manufacturing PMI dropped to 47.7 as output, new orders and exports declined though input and output price pressures eased, and U.S. indicators hovered near 49 with “prices paid” remaining in the low‑60s; together the data show divergent regional cycles driven by policy and tax support in parts of Asia while tariff headwinds, weak external demand and tighter financing are prompting firms to trim inventories, hiring and purchases.