Global Manufacturing Mixed; India Leads Expansion

Global manufacturing painted a mixed picture in October, with strong gains in India and parts of the Nordics and Asia offset by cooling in major European economies and softer private-sector activity in China. India’s HSBC manufacturing PMI jumped to 59.2 (from 57.7), supported by stronger domestic demand, GST relief measures, technology investment and heavy raw‑material inventory rebuilding. China’s private‑sector (RatingDog/S&P Global) PMI eased to 50.6 from 51.2 as new orders and output slowed amid tariff anxieties and weaker export demand, while Malaysia’s S&P Global PMI slipped to 49.5 even as firms reported unusually high optimism. In Europe, Germany’s HCOB PMI was sluggish at 49.6 with continued employment declines, France remained in contraction at 48.8 and Italy hovered just below break‑even at 49.9, while Sweden’s PMI held firm around 55. Overall, domestic demand and inventory rebuilds are underpinning pockets of expansion, but trade tensions, weak external demand and political uncertainty are weighing on export‑led sectors and broader momentum.