Bankinter | The Manufacturing PMI (RatingDog) declines in October. It stands at 50.6 vs. 51.2 previously and 50.8 estimated. Since August 2025, the Caixin PMI has changed its name to the RatingDog PMI. The universe of companies surveyed by RatingDog (650 companies in total) is more focused on private companies of different sectors and sizes, weighted by their contribution to GDP.
The Chinese government’s official PMI focuses on state-owned enterprises and large industries. On the positive side, the employment and purchasing components have improved. On the negative side, there is slower growth in new orders from the foreign sector, a decline in prices with the aim of maintaining sales, and the fact that business confidence has reached its lowest level in six months due to trade concerns.
Bankinter analysis team’s view: Although still in expansionary territory for the third consecutive month, the indicator is weaker than in the previous month. The fall in new export orders, weak selling prices and low business confidence may cause some caution. Trade tensions continue to slow manufacturing activity in China.
