Indian PMI was released earlier and it didn’t make pleasant reading 5 Dec
– Nov mftg PMI 52.3 vs 54.4 prev, biggest mm decline since March 2013
– new orders sub-index 53.3 vs 57.7 prev
More fallout from PM Modi’s snap decision to scrap 500 and 1000 rupee notes, removing 86% of ccy in circulation almost overnight.