Russia’s manufacturing activity improved at a slower pace in April due to weaker demand. Growth in output and new orders slowed to eight-month lows.
The slowdown in the Eurozone negatively affected ArcelorMittal Europe’s operations. The company took several cost-cutting measures.
While China’s official PMI held above 50 for two consecutive months, the PMI figures released by HSBC Markit paint a grim picture of China’s economy.
In March, Chinese exports declined by 15% on a YoY basis. The latest cut in bank reserves is another step by China (FXI) to address its slowing economy.
Clearly, Chinese real estate demand indicators are weakening. This is a negative sign for steel companies like Mechel (MTL) and Companhia Siderurgica Nacional (SID).