Core Viewpoint - The South African Composite Purchasing Managers' Index (PMI) fell to 48.8 in October, down from 50.2 in September, indicating a contraction in private sector activity for the first time since March 2025 [1] Economic Activity - Output and new orders declined at the fastest rate in seven months, with export sales experiencing the largest drop in nearly a year [1] - In response to weak demand, businesses reduced procurement investments, leading to improved supplier delivery times at a record pace [1] Employment and Costs - Despite a slight increase in employment numbers, the backlog of work decreased at the fastest rate in eight months [1] - Cost pressures eased, with October's purchasing price inflation dropping to the lowest level in over five years, attributed to a stronger South African Rand and slower wage growth [1] - Sales price inflation also slowed, partly due to a decrease in construction costs [1] Future Outlook - Despite the challenging operating environment, businesses remain cautiously optimistic about future output, with 34% expecting growth in the coming months and only 5% anticipating a decline [1]

Core Viewpoint - Spain's manufacturing sector continued its expansion in October, with the Purchasing Managers' Index (PMI) rising to 52.1 from 51.5 in September, marking the sixth consecutive month above the 50 threshold, indicating ongoing growth in manufacturing activity [1] Manufacturing Sector Summary - The main drivers of manufacturing expansion were output and new orders growth [1] - New export orders declined for the second consecutive month, with the fastest drop in five months, attributed to weak demand from political turmoil in France and U.S. trade protectionism [1] - Employment in the manufacturing sector saw a slight decrease, with cautious signals in the labor market affecting companies' willingness to expand hiring [1] Business Confidence and Investment - Despite export pressures, manufacturing firms showed improved confidence, with most expecting a rebound in future demand [1] - Some companies plan to increase investments and enhance capacity in the coming year [1] Macroeconomic Overview - Spain's overall economic performance remains robust, supported by a thriving tourism sector, an active labor market driven by immigration, and stable domestic demand [1] - The government raised its annual economic growth forecast from 2.6% to 2.7% [1] - Official data indicated a 0.6% quarter-on-quarter growth in Q3 2024, slightly down from 0.8% in Q2, with a year-on-year growth rate of 2.8% [1]

Economic Overview - The U.S. government shutdown has entered its fifth week, causing disruptions to economic data and uncertainty for investors [1] - Key economic indicators expected in November include the S&P final U.S. manufacturing and services PMI readings, ISM data, and the ADP employment report [1] Earnings Reports - Upcoming earnings reports will be released from various companies including Archer-Daniels-Midland, Bumble, BP, Capri Holdings, D-Wave Quantum, e.l.f. Beauty, Fastly, Harley-Davidson, IonQ, Live Nation Entertainment, Lyft, Match Group, Mosaic, ON Semiconductor, Palantir Technologies, PENN Entertainment, Pfizer, Shopify, Spotify Technology, Toast, Uber Technologies, Wendy's, and Yum! Brands [2] Key Market Events Schedule - On November 3, the S&P final U.S. manufacturing PMI, ISM manufacturing reading, construction spending, and auto sales data will be released [3] - November 4 will feature updates on the U.S. trade deficit, factory orders, and job openings data [3] - The ADP employment report, S&P final U.S. services PMI, and ISM services data are scheduled for November 5 [4] - Weekly jobless claims, U.S. productivity data, and wholesale inventories will be released on November 6, along with remarks from Federal Reserve officials [4] - The U.S. employment report, hourly wages, preliminary consumer sentiment data, and consumer credit readings are set for November 7, with additional remarks from Dallas Fed President Lorie Logan [5]

Core Insights - The S&P Global reported that the UK's October Composite Purchasing Managers' Index (PMI) preliminary value rose to 51.1, indicating a continued expansion and initial signs of recovery in business activity, although policy uncertainty ahead of the November government budget keeps businesses cautious [1] Group 1: PMI Data - The services PMI preliminary value increased to 51.1, a two-month high, up from 50.8 in September, indicating moderate expansion [1] - The manufacturing PMI preliminary value surged from 46.2 in September to 49.6, marking a 12-month high, although it remains below the growth threshold, the contraction is the shallowest in a year [1] Group 2: Economic Drivers - Inventory replenishment and a rebound in domestic demand are driving accelerated production in the UK manufacturing sector, with Jaguar Land Rover gradually resuming production after previous shutdowns due to cyberattacks, supporting the related supply chain [1] - The October PMI suggests that September may have been the economic low point, with the business environment gradually improving, although the recovery remains moderate [1] Group 3: Business Sentiment - Businesses are exhibiting a strong wait-and-see attitude towards the November UK government budget, with expectations that Chancellor Reeves will introduce tax increases to address the fiscal deficit, leading to caution in spending, investment, and hiring [1] - The construction sector remains subdued as it awaits clarity on policy, and manufacturing new orders continue to face pressure due to US tariffs, necessitating observation of the actual effects of budget policies post-implementation [1]

Core Insights - Eurozone business activity unexpectedly accelerated in October, with the composite Purchasing Managers' Index (PMI) rising to its highest level since May 2024, indicating stronger economic momentum than market expectations [1][4]. Group 1: PMI Data - The October composite PMI for the Eurozone was reported at 52.2, up from 51.2 in September and significantly exceeding analysts' expectations of 51, marking the tenth consecutive month above the neutral level [1][4]. - The increase in PMI was primarily driven by the services sector, particularly strong performance in Germany, which offset ongoing weakness in France [1][4]. Group 2: Sector Performance - The services PMI in the Eurozone rose from 51.3 in September to 52.6 in October, reaching a 14-month high, while manufacturing showed only a slight improvement, with manufacturing output growth at 51.1, up from 50.0 in September [5][8]. - The overall manufacturing PMI increased from 49.8 in September to 50 in October, indicating a recovery from contraction to the neutral level [5][8]. Group 3: Employment Trends - Employment conditions showed a positive shift, with job growth resuming in October after a slight decline in September, and the pace of job creation in the services sector reached its fastest rate since June 2024 [8]. - However, manufacturing firms faced pressures to cut jobs at the fastest rate in four months due to weak demand [8]. Group 4: Economic Outlook - Despite the positive PMI data, business confidence fell to a five-month low, reflecting cautious sentiment regarding future prospects [8]. - The Eurozone's economic growth remains significantly behind that of the U.S., with challenges stemming from France's fiscal and political uncertainties and structural pressures in the manufacturing sector [8]. Group 5: Central Bank Policy - Market consensus suggests that the resilience of the Eurozone economy and moderate inflation pressures in the services sector will lead the European Central Bank to maintain its current interest rate policy [8]. - The inflation rate in the services sector remains moderate, with a slight increase in sales price inflation, but still close to long-term averages, which may support the ECB's stance against further rate cuts [8].

Group 1 - The core point of the article is the release of the Eurozone Manufacturing PMI preliminary data for September 2025, which shows a decline to 49.5 from a previous value of 50.7, indicating a contraction in the manufacturing sector [1] - The data is considered negative for gold, silver, oil, and the euro, reflecting a bearish sentiment in the market due to the lower PMI reading [1] - PMI (Purchasing Managers' Index) is a widely recognized macroeconomic indicator that plays a crucial role in monitoring and predicting economic activity across various sectors, including manufacturing and services [1] Group 2 - The data is published by the market research firm Markit, which releases the PMI figures on a monthly basis [2] - Markit conducts surveys tracking the confidence levels of purchasing managers from 2,000 companies in the Eurozone's manufacturing, construction, and/or service sectors, with the preliminary value based on 85% of the responses received [2]

Core Insights - Iran's manufacturing sector has been in continuous decline for six months, with the Purchasing Managers' Index (PMI) recorded at 47.7 in July 2025, indicating a persistent downturn since early 2025 [1] Group 1: Manufacturing Sector Performance - The PMI being below 50 signifies that the manufacturing industry is contracting [1] - The decline in manufacturing is attributed to unstable electricity supply, shortage of foreign exchange resources, and high inflation [1] Group 2: Economic Implications - If the current trend continues, it is expected to lead to an increase in both unemployment and inflation rates within Iran [1]

Group 1 - The UK services sector experienced its largest growth in over a year, with the S&P Global UK Services PMI rising from 51.8 in July to 54.2 in August, the highest level since April 2024 [1] - The composite PMI, which includes the revised manufacturing PMI, increased from 51.5 in July to 53.5 in August, reaching a 12-month high [1] - The increase in new business within the services sector was the largest monthly rise since March 2021, indicating stronger consumer demand and the first growth in exports since April [2] Group 2 - Despite the positive growth, businesses remain concerned about potential tax increases in the upcoming autumn budget, which could impact demand and costs [1][2] - Employment data from the PMI indicates a continuous decline for 11 months, marking the longest period of job cuts since 2008-2010, excluding the COVID-19 pandemic [2] - The rise in costs for businesses was noted as the largest increase in three months, contributing to ongoing concerns about government policy uncertainty [2]

Core Insights - The U.S. Manufacturing Purchasing Managers' Index (PMI) reached 53.3 in August, marking the best performance since May 2022 [1] - Both manufacturing and services demand showed strong performance, although sales growth remains weak [1] - Tariff wars have led companies to pass production costs onto consumers, contributing to a significant increase in finished goods inventory, which is at its highest level since 2007 [1]

Group 1 - The core focus of the news revolves around the upcoming speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole meeting, which is expected to significantly influence the dollar's performance [1] - The U.S. dollar index is currently strong, hovering near a two-week high, with key resistance levels at 99.320 and 99.838, while support levels are at 98.317 and potentially 97.80 [1] - Market expectations are mixed regarding Powell's stance on interest rate cuts, with most institutions anticipating a neutral position without clear signals, despite concerns about a dovish tone [1] Group 2 - The August PMI data from S&P Global indicates strong momentum in both U.S. manufacturing and services, with the manufacturing PMI rising to 53.3, significantly above expectations, while the services PMI remains robust at 55.4 [2] - However, initial jobless claims in the U.S. increased by 235,000, surpassing expectations, indicating a cooling labor market, with continuing claims rising to 1.972 million [2] - The dollar index experienced fluctuations, reaching an 11-day high, supported by favorable economic data and a cooling expectation for interest rate cuts from the Federal Reserve [2] Group 3 - Technical indicators for the dollar index show strong upward momentum, with the RSI indicating that bullish forces remain strong despite a slight pullback [3] - The MACD indicator suggests that bearish momentum has weakened, indicating a shift towards bullish dominance [3] - Key support and resistance levels for the dollar index are identified, with short-term support at 98.317 and potential resistance levels at 98.950, 99.177, and 99.838 [3]