Flash PMI: Losing some oomph
Main U.S. indexes modestly green; S&P 500 out front, up ~0.3%
Energy leads S&P 500 sector gainers; healthcare, tech, slip
Euro STOXX 600 index up ~0.4%
Dollar, bitcoin ~flat; gold, crude up modestly
U.S. 10-Year Treasury yield rises to ~3.78%
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FLASH PMI: LOSING SOME OOMPH
Business activity in the United States has leaked some air from its tires this month.
Which is to say S&P Global released its advance "flash" purchasing managers' indexes (PMI) for the manufacturing USMPMP=ECI and services sectors USMPSP=ECI.
Manufacturing activity contracted at steeper-than-expected pace, shedding 0.9 points to land at 47, while the services sector, in expansion territory since February 2023, lost some heat, inching 0.3 points lower to 55.4.
A PMI reading north of 50 signifies monthly expansion, below that level indicates contraction.
Analysts expected manufacturing and services readings of 48.5 and 55.2, respectively.
A composite of the two shaved off 0.2 points to 54.4.
"The early survey indicators for September point to an economy that continues to grow at a solid pace, albeit with a weakened manufacturing sector and intensifying political uncertainty acting as substantial headwinds," writes Chris Williamson, chief business economist at S&P Global.
Noting that average prices charged for goods and services increased at the fastest rate since March, Williamson warns that the inflation bugaboo might not entirely be in the rear view mirror just yet.
"The survey’s price gauges meanwhile serve as a warning," Williamson adds. "Prices charged for goods and services are both rising at the fastest rates for six months, with input costs in the services sector – a major component of which is wages and salaries – rising at the fastest rate for a year."
(Stephen Culp)
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FOR MONDAY'S EARLIER LIVE MARKETS POSTS:
WALL STREET EDGES UP, FED OFFICIALS SPEAK OUT AFTER CUT - CLICK HERE
GOLD SHINES BRIGHT, BUT FACES BIG BARRIER ON THE CHARTS - CLICK HERE
GLOBAL ECONOMY IN "FINAL CHAPTER OF POST-PANDEMIC ADJUSTMENT" - CITI - CLICK HERE
AUTOS: BRUSSELS SEEN BRINGING CARBON TARGET RELIEF - CLICK HERE
DRAGHI’S PLAN IS DESIGNED FOR GERMANY – TS LOMBARD - CLICK HERE
DEFENSIVES HELP THE STOXX, LUXURY DOWN - CLICK HERE
EUROPEAN FUTURES EDGE HIGHER - CLICK HERE
COUNTING ON MORE RATE CUTS CLICK HERE
Flash PMI https://reut.rs/4dmQdMZ
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