Brazil: Manufacturing PMI Edges Up in March.

Brazil's S&P Global Manufacturing PMI edged up to 49.0 in March 2026 from 47.3 in February, marking the slowest contraction since May 2025 but remaining below 50.0 for the 11th consecutive month. New orders fell sharply, though at the slowest pace since December, as weak demand, Middle East tensions, and constrained budgets weighed on sales. Export orders stabilized after 11 months of decline, with some firms accessing new markets via US tariffs, though Argentina and China sales fell. Factory production contracted mildly, the weakest since October, with some restocking offsetting order cancellations. Input costs surged to an 18-month high on Middle East tensions and oil prices, prompting firms to raise selling prices to an 11-month peak. Employment rose slightly for the second straight month. Business confidence weakened to an 11-month low amid competition, geopolitical risks, and election uncertainty.