Recent PMIs for BRIC show a weaker start to 3Q 2018, in line with moderating growth outlook for the global economy:
In summary, Composite PMIs for July show Russia, China and Brazil underperforming global composite index, with India being the only BRIC economy trending in line with the global economy. Much of this dynamic was down to Manufacturing sector, with Services supporting global economy to the upside:
The biggest downside momentum came from Russia’s sub-50 reading in Manufacturing, followed by significant decline in growth activity in the sector in Brazil, and a more moderate slowdown in China:
For Russia, weaknesses in Manufacturing sector, for now offset by strengths in Services, are unpleasant reminders that the economy is still fundamentally on near-zero growth path, despite early 2018 hopes for 1.9-2 percent growth projections. For China, there are growing signs of the adverse impact of Trade War with the U.S. taking their toll on growth and cost dynamics.
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