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🌍 EM manufacturing is fracturing into three blocs — and a Hormuz incident threatens the leaders
The day in view

🌍 EM manufacturing is fracturing into three blocs — and a Hormuz incident threatens the leaders

Macro Soup Newsroom Macro Soup Newsroom 3 min read

Brazil and South Africa jumped to 52.6 in April's PMI sweep, India held at 54.7, and Russia extended its contraction to an 11th month at 48.1. A Hormuz shipping incident threatens to hit the EM winners hardest.

Chart illustrating India's consistent manufacturing PMI growth compared to global trends over the past decade
Highlights India's ongoing manufacturing expansion, aligning with the rebound in emerging markets PMIs discussed in the article Source

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