Poor earnings season ahead

The big jump in India’s manufacturing PMI for December to 54.2 from just 51 in November was a nice surprise and in sync with the data coming out of the US. Even better was the near 7% year-on-year uptick in infrastructure for November, coming as it did on the back of an anaemic 0.3% year-on-year in October. But not all the data is encouraging, because the IIP for October came in at a negative 5% and in November factory output may not have grown more than 1%.

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