India's manufacturing PMI eased to 54.2 in June from 55.0 in May, according to the purchasing managers survey compiled by S&P Global and HSBC. Growth of new orders and output were among the weakest in four years, while international sales rose at the softest pace since March 2023, the data show. "The moderation suggests demand has cooled slightly after the earlier surge linked to the Middle East conflict," says Pranjul Bhandari, chief India economist at HSBC. Fierce market competition is weighing on client appetite, some firms reported, making goods producers more reluctant to increase prices. "Both the input and output price indices declined, pointing to softer inflation pressures as geopolitical disruptions begin receding," Bhandari says. (kimberley.kao@wsj.com)