Brazil & Mexico Manufacturing PMIs (Nov.)

The further fall in Brazil’s manufacturing PMI in November, to a fresh five-year low of 43.8, adds to evidence that the economy is yet to bottom out. The data are broadly consistent with industrial output continuing to contract by around 8% y/y in Q4. Meanwhile, Mexico’s PMI was unchanged in November, suggesting that its industrial sector is on course to perform better in Q4 than in Q3.

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