All right. Uh let's uh let's move on to the broader markets. The S&P 500 is pacing for what would be at least if it maintained what it's doing right now, a third straight day of declining.Still, although we're very close to record levels, joining us with his outlook is Michael Caneritz. He's Piper Sandler's chief investment strategist. Nice to have you here, Michael.Thanks. Uh you write um that you expect improving EPS breath to take over after three years of PE expansion. Can you explain what that means an ...

As we're talking, we got some flash PMIs. Let's get to Rick Santelling. Hey, Rick.Yes, and we see rates slipping a little bit lower and the equities moving a little bit higher. Fed implications there. S&P Global Manufacturing Service and Composite coming in weaker than expected for our SE preliminary view.If you look at the headline 52.0%, that would be the weakest since July. And the last time it was under 50 was in July. If you look at 53.9% on services, that's the weakest level since June. And 53.6% on c ...

US business activity lost momentum in September for the second consecutive month, according to a flash reading of S&P Global's Composite Purchasing Managers' Index (PMI). The index eased to 53.6 from 54.6 in August, signalling continued expansion but at a weaker pace. ...

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31 August 2025 | 12:54PM HKT China: Both official manufacturing and non-manufacturing PMIs edged up in August Bottom line: The NBS manufacturing PMI edged up to 49.4 in August from 49.3 in July, slightly missing market expectations. Among the major sub-indexes, the output sub-index increased the most, followed by the new orders sub-index. The NBS non-manufacturing PMI rose to 50.3 in August from 50.1 in July, entirely driven by acceleration in the services sector. Overall, several patterns shown in August o ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 30 April 2025 | 11:40AM HKT China: April PMIs – weaker manufacturing PMIs on heightened US tariffs Bottom line: Due to the negative impact of significantly higher US tariffs, the NBS manufacturing PMI fell to 49.0 in April from 50.5 in March, much lower than consensus expectations. The Caixin manufacturing PMI fell to 50.4 in April from 51.2 in March. The NBS non-manufacturing PMI decreased to 50.4 in April from 50.8 in March, moderately below market expectations and driven by w ...