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INDIA: Country wrap:  February PMIs Showing Improving Outlook 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • India’s February preliminary PMI’s were released today and provided further guidance as to the improving outlook for the Indian economy.   The PMI Manufacturing for February was slightly softer than January but at 57.1, remains very strong.  The MPI Services was stronger than the month prior at 61.1, from 56.5.   This saw the PMI Composite rise to +60.6 from 57.7.  The PMI services release was the strongest since early 2024 with the employment component up to 56.4.  (source: MNI – Market News)
  • The Indian pharmaceutical industry is unlikely to face significant disruption from potential US retaliatory tariffs, as its exports primarily consist of low-cost, generic drugs and supply up to 40 per cent of the US's generic medicines (source: BBG)
  • India’ s NIFTY 50 is down -0.50% in early trade and on track for a weekly decline of over -0.50%
  • INR: the rupee is opening modestly better up +0.05% to 86.61
  • Bonds are better bid at the open with the 10YR IGB at 6.7%
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  • India’s February preliminary PMI’s were released today and provided further guidance as to the improving outlook for the Indian economy.   The PMI Manufacturing for February was slightly softer than January but at 57.1, remains very strong.  The MPI Services was stronger than the month prior at 61.1, from 56.5.   This saw the PMI Composite rise to +60.6 from 57.7.  The PMI services release was the strongest since early 2024 with the employment component up to 56.4.  (source: MNI – Market News)
  • The Indian pharmaceutical industry is unlikely to face significant disruption from potential US retaliatory tariffs, as its exports primarily consist of low-cost, generic drugs and supply up to 40 per cent of the US's generic medicines (source: BBG)
  • India’ s NIFTY 50 is down -0.50% in early trade and on track for a weekly decline of over -0.50%
  • INR: the rupee is opening modestly better up +0.05% to 86.61
  • Bonds are better bid at the open with the 10YR IGB at 6.7%