Core Insights - The US manufacturing sector continued to contract in September, with the PMI at 49.1, indicating a seventh consecutive month of contraction despite a slight improvement from August's 48.7 [1][2] - The output index returned to expansion at 51, a significant increase of 3.2 percentage points from August, while the new orders index fell to 48.9, ending a brief expansion [1][2] - Employment in manufacturing remains weak, with the employment index at 45.3, indicating eight months of contraction, as companies resort to layoffs or hiring freezes [1][2] Manufacturing Sector Performance - The manufacturing PMI has been below the neutral mark of 50 for seven months, reflecting ongoing weakness in the sector [2] - Only five out of 18 manufacturing categories reported growth, including petroleum, primary metals, textiles, metal products, and other manufacturing, while 11 sectors, such as wood, plastics, chemicals, transportation equipment, and electronics, reported declines [2] - The overall economic expansion continues, with the PMI reading corresponding to an annualized GDP growth of approximately 1.9% [2] Price and Inventory Trends - The price index for September was 61.9, indicating continued upward pressure on raw material costs, despite a decrease of 1.8 percentage points from the previous month [1] - The inventory index fell to 47.7, suggesting increased pressure on companies to reduce inventory levels [1] - Customer inventories are generally low, which may benefit production in the future, but current business confidence is still affected by tariffs and global trade uncertainties [2]

Group 1 - The final value of the US S&P Global Manufacturing PMI for September is 52, unchanged from the previous value of 52 [1]

Company News - NIO's stock rose over 1% in pre-market trading, with September vehicle deliveries reaching 34,749 units, a year-on-year increase of 64% [1] - Xpeng Motors' stock increased over 2% in pre-market trading, reporting September vehicle deliveries of 41,581 units, a year-on-year growth of 95% [1] - Li Auto's stock rose 0.6% in pre-market trading, with September vehicle deliveries totaling 33,951 units [1] - Nike's stock surged over 4% in pre-market trading, reporting Q1 revenue for fiscal year 2026 at $11.7 billion, exceeding market expectations of $11 billion [1] Market Dynamics - U.S. stock index futures are down, with Dow futures falling by 0.30%, S&P 500 futures down by 0.41%, and Nasdaq futures decreasing by 0.48% [1] - Major European stock indices are up, with the FTSE 100 rising by 0.61%, CAC 40 increasing by 0.46%, and DAX up by 0.38% [1]

Core Viewpoint - The final manufacturing PMI for France in September is reported at 48.2, slightly above the forecast of 48.1 and unchanged from the previous value of 48.1 [1] Summary by Categories - **Manufacturing PMI Data** - France's September manufacturing PMI final value is 48.2, which is higher than the expected 48.1 [1] - The previous month's PMI was also 48.1, indicating stability in the manufacturing sector [1]

Core Insights - The final manufacturing PMI for the UK in September is reported at 46.2, matching both the forecast and the previous value of 46.2 [1] Group 1 - The UK manufacturing sector continues to show contraction as indicated by the PMI value below 50, which suggests a decline in manufacturing activity [1] - The stability of the PMI at 46.2 indicates that there has been no significant change in the manufacturing sector's performance compared to the previous month [1] - The PMI figure aligns with market expectations, suggesting that analysts had anticipated continued weakness in the manufacturing sector [1]

Group 1 - The final manufacturing PMI for Germany in September is reported at 49.5, which is higher than the forecast of 48.5 and the previous value of 48.5 [1]

Group 1 - The final manufacturing PMI for France in September is reported at 48.2, slightly above the forecast of 48.1 and unchanged from the previous value of 48.1 [1]

Core Insights - The final manufacturing PMI for the Eurozone in September is reported at 49.8, which is above the forecast of 49.5 and matches the previous value of 49.5 [1] Summary by Category - **Manufacturing Sector Performance** - The Eurozone's manufacturing PMI indicates a slight improvement, with a final value of 49.8 for September, surpassing the expected 49.5 [1]

每经AI快讯，10月1日消息，德国9月制造业PMI终值为49.5，预估48.5，前值48.5。 ...

Core Viewpoint - The manufacturing PMI reading in September shows a seasonal rebound, indicating a slight improvement in economic conditions compared to August, primarily due to the concentration of production replenishment in September driven by anti-involution effects [1] Manufacturing Sector - The improvement in the manufacturing sector is mainly reflected in production, finished goods inventory, and new export orders [1] - However, there are signs of a slowdown in domestic demand and price indicators, suggesting low consumer acceptance of price increases, with PPI likely to decline on a month-on-month basis [1] - Certain raw material industries and capital goods-related sectors are performing well, but the ex-factory price index in key anti-involution industries has generally fallen below 50 [1] Non-Manufacturing Sector - The non-manufacturing PMI in September shows a widening gap compared to historical levels, primarily due to a decline in the service sector's performance [1] - This decline may be linked to a slight downturn in the employment market and extreme weather events such as typhoons [1] Economic Outlook - Overall, while there is a marginal recovery in manufacturing sentiment in September, there is a decline in service and domestic demand-related indicators [1] - Looking ahead, it is anticipated that incremental policy tools will be implemented in the fourth quarter to support stable economic operations [1]