This is not a cooling print. It is why a cheaper Hormuz barrel may not kill the next hike by itself. Demand and bottlenecks are doing the other half.
- S&P Global flash. Composite 58.4 vs 56.0 in August. Strongest since July 2021.
- Manufacturing 57.0 vs 53.9 and vs about 53.6 expected. Fastest since April or May 2022.
- Services 58.7 vs 56.5 and vs 56.0 expected. Strongest services run in over five years.
- New orders 58.2, highest since March 2022. Backlogs highest since May 2022. Jobs “for over four years.”
- Input prices 66.4, up from 59.9. Highest since October 2022. Supplier delays worst since July 2022. Energy costs named.
- Market read. Dollar up. 10-year back above 5%. Gold softer. Two-year yield at a 27-month high on one Dow Jones line.
- Nikkei. Same prints. Price indexes up with the activity spike.
https://www.cmegroup.com/education/events/econoday/671311
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