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India CPI inflation 6.83% y-o-y (consensus 7.0) in Aug-23

- India's CPI inflation for August 2023 came in at 6.83% year-on-year, slightly below the consensus forecast of 7.0% and marking the lowest growth since June 2023.
- The current inflation rate is 0.79 percentage points above the one-year average but falls 0.47 percentage points below the long-run average, indicating a relatively muted inflationary environment.

India PMI services 60.1 (consensus 61.0) in Aug-23

- India's PMI services for August 2023 came in at 60.1, slightly below market expectations of 61.0, indicating a slight moderation in growth.
- Despite the moderation, the services sector remains in expansionary territory, with the latest reading 1.53 points above the one-year average, highlighting a relatively robust performance.

BRICS Without Straw

• Beijing’s domineering drive to enlarge the BRICS group as a counterweight to the G7 is rooted primarily in the CCP’s need to internationally promote its autocratic governance model. That aids the domestic justification while, paradoxically, Xi Jinping’s policies turn China increasingly inward.

By Alastair Newton

India PMI manufacturing 58.6 (consensus 57.5) in Aug-23

- India's manufacturing PMI in August 2023 increased to 58.6, the highest level since May 2023, indicating robust expansion in the sector contrary to expectations for a slowing to 57.5.
- The PMI reading surpasses the one-year average by 1.85 points, highlighting the strength of the current manufacturing boom in India.