US: Manufacturing PMI (Sept.): 52 vs 51.8 expected (prior: 51.5)
- Final data were slightly better than initially estimated pointing to modest improvement in business conditions.
- Opinions have increased on both production and orders but at a slow pace; views on exports have deteriorated. Employment remained positive while prices remained on the rise.
US: ISM Manufacturing (Sept.): 50.9 vs 52 expected (prior: 52.8)
- Business sentiment has significantly decreased for the prior month, after being more resilient than the PMI index in past months.
- A large fall in opinions on new orders (index has fallen from 51.3 to 47), backlog of orders, employment and new export orders; views on production was quite stable or slightly on the rise, as well as inventories. Prices paid have declined from the prior month.
US: Construction spending (Aug.): -0.7% m/m vs -0.3% expected (prior: -0.6% revised from -0.4%)
- Residential construction was down by 1% m/m after -1.7% m/m the prior month; non-residential construction was also down by 0.4% m/m after 0.7% m/m.
UK: PMI Manufacturing (Sept.): 48.4 vs 48.5 expected (prior: 47.3)
- The final index was slightly better than the prior month level.
- Nevertheless, details were not positive as the fall in sentiment has continued but only at a slower pace: falling production, orders and a related rise in inventories.
- Exports have fallen on lower demand from US, EU and China.
- Employment has increased but prices and costs remained on a rising trend.
Switzerland: CPI (Sept,.): -0.2% m/m vs 0.1% expected (prior: 0.3%)
- Inflation has declined thanks to falling prices of oil, food, transport and hotels prices.
- Core inflation was flat after 0.3% m/m the prior month.
- Yearly trend has declined from 3.5% y/y prior month to 3.3% y/y, and core inflation from 2.8% to 2.7% y/y.
- This should give more comfort to the central bank, but nevertheless it should continue to hike in parallel with the ECB.
Switzerland: PMI Manufacturing (Sept.): 57.1 vs 54.6 expected (prior: 56.4)
- Contrary to expectations, business sentiment has rebounded over the month.
- Opinions were more positive on production, orders and also on rising prices and inventories. Views on employment were marginally on the rise from the prior month; on the negative side, imports were down.
- Business sentiment has not yet reflected the slowdown in final export demand, but this should be seen after some delay.
- In parallel, PMI services were down from 56.9 the prior month to 52.3; views have decreased on activity, orders and prices while employment remained on positive trend.
Sweden: PMI Manufacturing (Sept.): 49.2 vs 50.6 expected (prior: 50.2)
- Business sentiment has decreased from the prior month on sharp fall in orders and exports, and slower production.
- Prices and employment remained on rising trend.
Eurozone: PMI Manufacturing (Sept.): 48.4 vs 48.5 expected (prior: 49.6)
- Business sentiment has declined further over the month, even slightly more than initially estimated.
- The final index has declined more in Germany and Spain from the prior month.
- The fall was driven by lower production and orders; demand has decreased on rising uncertainty, rising inflation and energy costs.
- Employment has marginally increased from the prior month.
Poland: PMI Manufacturing (Sept.): 43 vs 40.2 expected (prior: 40.9)
- The index has regained from depressed levels; confidence remained at very low level.
Turkey: PPI (Sept.): 4.78% m/m (prior: 2.14%$)
- Renewed strong rises in prices due to food and electricity and water costs.
- Yearly trend has surged to 151.5% y/y after 143.7% y/y he prior month.
Turkey: CPI (Sept.): 3.08% m/m vs 3.15% expected (prior: 1.46%)
- A strong monthly surge due to rising food, education, communication and mainly electricity and water prices.
- Yearly trend has surged from 80.2% y/y the prior month to 83.45% y/y.