Core Viewpoint - LME copper prices reached a two-month high due to a decline in the dollar, positive economic data, and optimistic expectations for a rate cut in the U.S. [1] Group 1: Copper Market Performance - On September 2, LME three-month copper rose by $96.5, or 0.98%, closing at $9,980.5 per ton, with an intraday high of $10,009, the highest since July 3 [1][2] - The premium for copper imports in China, measured by the Yangshan copper premium, increased to $55 per ton, up from $29 on July 8, but still below the $100 level seen in May [4] - LME copper inventories are high, indicating weak demand outside of China, with spot copper trading at a discount of approximately $85 per ton compared to three-month copper [5][6] Group 2: Economic Indicators - The U.S. manufacturing sector contracted for the sixth consecutive month in August, with the ISM manufacturing PMI slightly rising to 48.7 from 48.0 in July, remaining below the neutral level of 50 [6] - The new orders index in the ISM survey rose to 51.4, indicating potential recovery after six months of contraction [7] - Market attention is focused on the upcoming Federal Reserve meeting on September 16-17, with expectations of a rate cut that could weaken the dollar and boost metal prices [7] Group 3: Other Base Metals Performance - LME three-month aluminum increased by $8, or 0.31%, closing at $2,619.0 per ton [2][8] - LME three-month zinc rose by $32.5, or 1.15%, closing at $2,865.0 per ton [2][8] - LME three-month lead decreased by $9.5, or 0.47%, closing at $1,994.0 per ton [2][9] - LME three-month nickel fell by $207, or 1.34%, closing at $15,232.0 per ton [2][10] - LME three-month tin dropped by $219, or 0.63%, closing at $34,733.0 per ton [2][8]

Group 1: Economic Impact of US Tariffs on Japan - Japan's manufacturing sector continues to shrink, with the August PMI at 49.7, indicating ongoing contraction as new orders decline, particularly in exports [2][3] - Japanese manufacturers' pre-tax profits dropped by 11.5% year-on-year in Q2, largely due to the impact of US tariffs on the automotive sector, which has led to reduced sales prices [3] - The Japanese government has revised its GDP growth forecast for FY2025 from 1.2% to 0.7%, reflecting the adverse effects of US tariff policies on the global economic outlook [9] Group 2: Trade Negotiation Challenges - Ongoing disputes over rice purchases have stalled further negotiations between Japan and the US, with Japan opposing US proposals that it views as interference in domestic affairs [6][7] - Communication issues between Japanese and US representatives have contributed to the current negotiation challenges, with Japan's chief negotiator having limited contact with key US officials [7] - The $550 billion investment mechanism within the Japan-US trade agreement has raised concerns that Japanese companies may prioritize investments in the US over domestic operations [5] Group 3: Future Economic Outlook - Short-term economic growth in Japan is expected to face pressure, with projections for Q3 growth slowing to 0.8% amid concerns over US tariffs and their impact on export profitability [9] - The potential for a decrease in US interest rates could further complicate Japan's economic situation, as it may lead to a narrowing interest rate differential that could squeeze export margins [9]

Group 1 - The UK manufacturing sector faced setbacks in August due to overseas trade tensions and domestic tax increases, leading to a decline in new orders [1] - The Manufacturing Purchasing Managers' Index (PMI) dropped from 48.0 in July to 47.0 in August, marking the first decline in five months and remaining in contraction territory for the 11th consecutive month [1] - Weak demand, global trade tariffs, and increased employer tax burdens contributed to a significant drop in new orders, with the fastest decline in four months [1][4] Group 2 - The confidence index among manufacturers slightly increased to a six-month high but remains below the long-term average [1] - Some employers anticipate stabilization in global market conditions, while others express concerns over potential tax increases and rising energy costs [2] - The ratio of new orders to finished goods inventory, an early indicator of future production changes, fell to its second-lowest level since October 2023 [3] Group 3 - The manufacturing sector has experienced continuous layoffs for ten months, raising concerns among Bank of England officials about a potential slowdown in the labor market [4] - Input price inflation reached its highest level since May, partly due to tax increases in April, although some cost increases have been passed on to customers [4] - Manufacturing accounts for approximately 9% of the UK's economic output, while the services sector showed accelerated expansion in August [4]

Core Insights - Eurozone manufacturing activity returned to expansion in August, with the PMI final value rising to 50.7, marking the highest level in over three years [1][2] - The recovery was primarily driven by strong internal demand, with factory output growth reaching its strongest level since March 2022 and new orders expanding at the fastest pace in nearly three and a half years [5][10] - Germany's manufacturing PMI rose from 49.1 in July to 49.8 in August, indicating significant resilience, while France's manufacturing PMI increased from 48.2 to 50.4, ending a two-and-a-half-year contraction [7][11] Eurozone Manufacturing Overview - The PMI for Eurozone manufacturing, compiled by Hamburg Commercial Bank (HCOB), increased to 50.7 in August, surpassing July's 49.8 and the initial estimate of 50.5, indicating growth above the 50 threshold [2] - Internal demand has effectively offset weak external demand, particularly amid US-EU trade tensions [5] Country-Specific Insights - Germany's manufacturing sector showed resilience, with the PMI reaching its highest level in over two years, although employment pressures and external demand challenges remain [7][10] - France's manufacturing sector returned to expansion for the first time in two and a half years, but faces challenges from domestic political instability and external trade issues [11][14] Economic Implications - The positive manufacturing data provides some breathing room for the European Central Bank as it weighs its next policy steps, despite ongoing inflation pressures and potential economic risks from US tariffs [1][5] - The recovery in manufacturing is uneven across the Eurozone, with Greece and Spain showing particularly strong performance, while broader economic uncertainties persist in France [5][14]

Group 1 - The AIB Ireland Manufacturing Purchasing Managers' Index (PMI) for July is reported at 53.2, indicating growth for the seventh consecutive month despite rising costs and a slowdown in new business [1] - Manufacturing output in July showed strong growth, surpassing the average growth rate of the first half of the year [1] - Employment in the manufacturing sector stands at 246,000, making it the largest single industry for employment in Ireland [3] Group 2 - New orders from abroad have increased for the first time in four months, with some Irish manufacturers expanding into new markets in Asia and the Middle East [3] - Approximately one-third of manufacturers expect production to continue increasing, while only 8% anticipate a decline in output [3] - AIB's survey includes 250 manufacturers across various sectors such as food, beverages, pharmaceuticals, high-tech equipment, and plastics, many of which are involved in exports [3] Group 3 - The manufacturing PMI in the Eurozone has dropped to 49.8, while the US and UK reported PMIs of 49.5 and 48.2 respectively, indicating a slowdown in factory production in these regions [2] - Despite facing US export tariffs, manufacturers in Ireland remain optimistic about future production [3] - There is potential for pent-up demand if global trade uncertainties diminish over the next year [3]

Group 1 - The core viewpoint of the article highlights that ongoing uncertainties related to U.S. tariff policies are exerting pressure on the manufacturing sector, leading to a contraction in economic activities related to manufacturing since the beginning of the Trump administration [1] Group 2 - The U.S. Institute for Supply Management (ISM) reported that the manufacturing Purchasing Managers' Index (PMI) for July was at 48%, indicating a contraction in the manufacturing sector [1] - The U.S. Department of Labor released data showing that the unemployment rate increased month-over-month in July, and the number of new jobs added in the non-farm sector fell significantly short of market expectations [1] - Additionally, the job creation figures for May and June in the non-farm sector were revised downward substantially compared to previous reports [1]

Group 1 - The core point of the article is that the UK manufacturing Purchasing Managers' Index (PMI) reached 48.0 in July, marking a six-month high, but it remains in the contraction zone [1] - The PMI has been in the contraction zone for ten consecutive months, indicating ongoing challenges in the manufacturing sector [1] - Standard & Poor's Global noted that the pace of decline in UK manufacturing has slowed to the mildest level in this downturn cycle, with business confidence rising to a five-month high [1] Group 2 - Despite the improvements, there are still downside risks present, including weak domestic and international market conditions, low customer confidence, and manufacturers' concerns regarding government budget decisions [1]

Core Insights - The latest data from the Institute for Supply Management (ISM) indicates that the U.S. manufacturing Purchasing Managers' Index (PMI) for July is at 48%, which is a decrease from 49% in June [1] Summary by Category - **Economic Indicators** - The U.S. manufacturing PMI for July stands at 48%, reflecting a decline from the previous month's figure of 49% [1]

Core Viewpoint - The manufacturing sector in Russia is experiencing a contraction, with the Purchasing Managers' Index (PMI) dropping to 47.0 in July 2025, down from 47.5 in June, marking the worst performance since March 2022 [1] Group 1: Manufacturing Sector Performance - The manufacturing environment has remained below the 50-point threshold for two consecutive months, indicating ongoing contraction [1] - In July, the total new orders saw a decline for the fourth time in five months, with the rate of decline accelerating compared to the previous month [1] - The output in the manufacturing sector has contracted at the fastest rate in nearly three years due to the rapid loss of new business [1] Group 2: Demand and Pricing Trends - Domestic market demand continues to be weak, while there are signs of recovery in overseas customer demand, leading to the first increase in new export orders in five months [1] - Operating costs and factory gate prices continue to rise, although the rates of cost inflation and output price growth have moderated to a more moderate range [1] Group 3: Future Outlook and Business Confidence - Companies maintain an optimistic outlook for the future, believing that the development of new product lines and equipment upgrades will help boost sales [1] - However, the business confidence index has dropped to its lowest point since August 2022, influenced by macroeconomic uncertainties and tightening customer financial conditions [1]

Group 1 - The trade conflict has led to a pervasive pessimism among American businesses regarding the economic outlook, creating significant uncertainty for the U.S. economy [1] - The CEO Confidence Index for the second quarter of 2025 has dropped from 60 points to 34 points, marking the lowest level since Q4 2022 and the largest month-over-month decline since the survey began in 1976 [1] - The U.S. manufacturing Purchasing Managers' Index (PMI) for May is reported at 48.5%, slightly down from April's 48.7% [1] Group 2 - The unpredictable tariff policies of the U.S. have impacted the overall European economy, particularly affecting German manufacturing, despite the limited direct steel business of the German company in the U.S. market [2] - The European Commission is urged to expedite the previously decided trade countermeasures in response to the U.S. tariffs [2]