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INDIA: PMI Decline a Worry for the RBI Growth Target. 

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • The RBI’s bold growth target may be under threat as India’s data continues to moderate.
  • India’s HSBC Manufacturing PMI for November release today at 56.5 represents a material decline from last month’s 57.5 and significantly lower than March’s high of 59.1.
  • Output declined to 59.1 from 60.4
  • New orders have fallen from the prior month.
  • Whilst this data point in itself does not point to a rate cut, there is evidence that data is softening and could bring cuts on the table in 2025. 
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  • The RBI’s bold growth target may be under threat as India’s data continues to moderate.
  • India’s HSBC Manufacturing PMI for November release today at 56.5 represents a material decline from last month’s 57.5 and significantly lower than March’s high of 59.1.
  • Output declined to 59.1 from 60.4
  • New orders have fallen from the prior month.
  • Whilst this data point in itself does not point to a rate cut, there is evidence that data is softening and could bring cuts on the table in 2025.