Global manufacturing activity presented a mixed picture in July. India's manufacturing sector saw a slight slowdown but remained robust with strong international sales, despite rising input costs and inflation. Conversely, US manufacturing contracted, with the PMI falling to 49.6, the first contraction since December 2023, driven by declining new orders and employment. European and Asian factories also struggled with weak demand, although British manufacturing defied the trend with its best performance in two years. Japan's factory activity shrank modestly amidst subdued domestic and international demand and increased inflationary pressures. Overall, the global manufacturing outlook remains cautious, with varying regional performances and ongoing concerns about inflation and demand.