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INDIA: PMIs Take Pressure off Central Bank

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • With India’s economic data moderating in recent months, the incoming RBI governor has been under pressure to cut rates.
  • Today’s provisional PMI’s surprised to the upside, likely taking pressure off the RBI who doesn’t have a monetary policy meeting now until February 2025.
  • India’s PMI Manufacturing for December (provisional) came in at +57.4 following a +56.5 result in November.
  • India’s PMI Services for December (provisional) came in at +60.8 following a +58.4 result in November.
  • For manufacturing, output rose strongly to +60.4 and new orders were up for the month.
  • India’s 10YR Government bond has sold off 1bp following the data release. 
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  • With India’s economic data moderating in recent months, the incoming RBI governor has been under pressure to cut rates.
  • Today’s provisional PMI’s surprised to the upside, likely taking pressure off the RBI who doesn’t have a monetary policy meeting now until February 2025.
  • India’s PMI Manufacturing for December (provisional) came in at +57.4 following a +56.5 result in November.
  • India’s PMI Services for December (provisional) came in at +60.8 following a +58.4 result in November.
  • For manufacturing, output rose strongly to +60.4 and new orders were up for the month.
  • India’s 10YR Government bond has sold off 1bp following the data release.