Manufacturing PMIs Show Mixed Trends Amid Tariff Uncertainty

The latest Manufacturing Purchasing Managers' Index (PMI) reports indicate a mixed global manufacturing landscape amid rising tariff tensions. In India, the HSBC Manufacturing PMI rebounded to 58.1 in March, driven by robust new orders, though concerns linger about the potential impact of upcoming US tariffs on economic growth. Conversely, South Africa's PMI saw only a slight increase to 48.7, highlighting ongoing weaknesses in demand and global uncertainties affecting manufacturing activities. The US manufacturing sector also reported a decline, with the ISM PMI dropping to 49.0, driven by rising prices and weakening order books, reflecting growing concerns about the sustainability of business optimism. The UK faced its lowest manufacturing PMI in 17 months at 44.9, as companies struggled with rising costs and geopolitical tensions. Overall, while some regions report growth, the overarching narrative points to caution as tariffs and economic uncertainties loom.