- PMI activity readings for September surprised markets: in France, there was a decline, while in Germany both the composite and services indices rose, each above the 52 mark. However, manufacturing activity fell from 50.2 to 48.5.
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In the UK, the September 2025 PMI data disappointed investors. The services PMI dropped to 51.9 points (forecast: 53.0), while the manufacturing PMI fell to 46.2 (forecast: 47.1). The composite PMI also came in at 51.9, below market expectations of 53.
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European stock indices closed the session mixed. Germany’s DAX fell over 0.3%, while the UK’s FTSE ended flat. On Wall Street, indexes are seeing slight declines, led by Nvidia and Oracle, down 3% and over 4% respectively. The Nasdaq 100 is retreating by more than 0.7%.
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The preliminary U.S. PMI data for September shows moderate economic slowdown. Both services and manufacturing data indicated a slight deceleration and came in below expectations. The composite PMI was 53.6, just under the forecast of 54.
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The Richmond Fed Index for September came in well below expectations, at -17 vs. the forecasted -5 and previous reading of -7.
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Jerome Powell signaled that the Fed is ready to adjust policy and lower interest rates, placing more attention on the weakening labor market. However, the Fed still sees tariffs as having a sustained pro-inflationary impact.
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Michelle Bowman of the Federal Reserve expressed concern about the rising risk of a labor market slowdown in the U.S. She warned that if demand conditions do not improve, businesses may start cutting jobs in the coming months.
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Fed officials Goolsbee and Bostic also commented on monetary policy today. Both leaned toward measured rate cuts and emphasized that incoming labor market data—which weakened over the summer—will be closely monitored.
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Sweden’s central bank, Riksbank, unexpectedly cut interest rates to 1.75% (from 2.00%) to support the economy amid a slowdown. However, it signaled this may be the last cut in the current cycle, with rates likely to remain at the new level for an extended period.
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In Poland, the unemployment rate rose to 5.5% in September 2025, in line with market expectations (previously 5.4%). The Labor Ministry noted the increase is due to new regulations introduced in June that reduced the number of people being removed from unemployment registers.
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Arabica coffee futures on ICE dropped nearly 4.5% today, amid forecasts for heavier rainfall in Brazil. Prices didn’t respond to Donald Trump’s criticism of Brazil and President Lula, which pointed to continued high tariffs on Brazilian exports for the foreseeable future.
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Crypto market sentiment remains weak – Bitcoin fell almost 1%, trading near $112,000. Meanwhile, metals rallied sharply: platinum surged over 5%, and gold rose more than 0.8%. The combination of a weakening labor market and rising prices in the U.S. is fueling stagflation concerns.
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