<ul><li>UK July mortgage approvals 56.05k vs 59.50k expected</li><li>Prior 58.20k; revised to 58.21k</li><li>UK July net consumer credit £2.0 billion vs £1.8 billion expected</li><li>Prior £1.81 billion; revised to £1.86 billion</li></ul><p style="text-align: justify" class="text-align-justify">Net mortgage approvals were seen falling in July to&nbsp;56,100, and that is well below the previous 6-month average of&nbsp;60,800.</p><p style="text-align: justify" class="text-align-justify">Adding to that, the net&nbsp;borrowing of mortgage debt by individuals decreased to £4.3 billion in July - down from £7.7 billion in June. That figure is also now falling below the previous 6-month average of&nbsp;£5.3 billion.</p><p style="text-align: justify" class="text-align-justify">So, that marks a considerable slowdown in mortgage borrowing as the market loses some momentum.</p><p style="text-align: justify" class="text-align-justify">Meanwhile, net borrowing of consumer credit by individuals did increase slightly to £2.0 billion in July. The breakdown this time shows that consumers&nbsp;weren't necessarily putting much more on credit cards (£0.9 billion). Instead,&nbsp;more borrowing came from things like car finance and personal loans (£1.1 billion).</p><p style="text-align: justify" class="text-align-justify">All in all, this points to some softening in housing demand but&nbsp;consumer borrowing is still relatively resilient. In other words,&nbsp;UK households became more cautious about borrowing to buy homes, but continued borrowing for other purchases.</p><p></p> This article was written by Justin Low at investinglive.com.

<ul><li>Eurozone August final manufacturing PMI 52.7 vs 52.8 prelim</li><li>Prior 51.9</li></ul><p style="text-align: justify" class="text-align-justify">The final estimate reaffirms a solid showing in euro area industrial activity in August, with both factory output and new orders rising&nbsp;at their quickest rates since early-2022.</p><p style="text-align: justify" class="text-align-justify">The added good news is that inflation pressures also continued to ease, although rates of increase in both input costs and output prices were still above those seen immediately prior to the US-Iran conflict.</p><p style="text-align: justify" class="text-align-justify">The biggest positive swing to the overall report comes from Germany,&nbsp;which recorded its best month of manufacturing sector growth in over four years. So, that will come as a bit of a relief after the constant woes surrounding the industry in recent years.</p><p style="text-align: justify" class="text-align-justify">Besides that,&nbsp;business confidence strengthened again in August, signalling a fourth successive monthly rise in growth expectations for the coming 12 months. That as the&nbsp;overall level of optimism was also seen above its long-term average.</p><p style="text-align: justify" class="text-align-justify">S&amp;P Global notes that:</p><blockquote style="text-align: justify" class="text-align-justify">"The August PMI report provided the clearest signs yet that the eurozone's industrial economy has so far shaken off both the oil price shock and supply-related disruptions caused by the Middle East war. Stronger order book growth, in part owing to a recovery in export demand, should give this expansion legs. </blockquote><blockquote style="text-align: justify" class="text-align-justify">"Breaking the PMI data down by the three main industrial groupings revealed the intermediate goods sub-sector as the main contributor of manufacturing growth. This includes critical industries such as chemicals and metals, as well as electrical equipment and electronic components, suggesting the euro area can also be a beneficiary from the tech supercycle, even if it's arriving late to the party. </blockquote><blockquote style="text-align: justify" class="text-align-justify">"A further softening of producer price increases, even in the midst of sustained oil market volatility, helps to alleviate broader inflation worries. That said, the pace of disinflation is starting to level off and the PMI's price metrics remain well above their pre-war levels, which may just embolden a cautious stance by eurozone monetary policymakers." </blockquote><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<ul><li>France August final manufacturing PMI 51.1 vs 51.5 prelim</li><li>Prior 49.8</li></ul><p style="text-align: justify" class="text-align-justify">This reaffirms a mild rebound in French manufacturing activity in August, bolstered by better production growth. That being said, new orders continued to shrink further and that's a signal that demand conditions remain rather subdued.</p><p style="text-align: justify" class="text-align-justify">Some added good news at least is that inflationary pressures receded further on the month, even as suppliers' delivery times lengthened to a sharper degree.&nbsp;Both input prices and output charges rose at their slowest rates since February, but still above levels seen before the US-Iran conflict.</p><p style="text-align: justify" class="text-align-justify">S&amp;P Global notes that:</p><blockquote style="text-align: justify" class="text-align-justify">"On the surface, it's a much better PMI report for France's manufacturing sector, but it's difficult to draw much optimism from these figures as the data reveal still-weak demand, falling business confidence and more aggressive destocking. This makes August's renewed output expansion an unconvincing one. </blockquote><blockquote style="text-align: justify" class="text-align-justify">"Falling inflationary pressures are a positive outcome considering the step-up in oil prices over the summer. The disinflationary trend seen in factory gate prices could provide a much-needed tailwind for order books."</blockquote><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<ul style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"><li style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0">Prior 51.9</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Key findings:</p><ul><li>Output and new order growth slow </li><li> Job creation at two-year high</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Comment:</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Rob Dobson, Director at S&amp;P Global Market Intelligence said:</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">“The rate of expansion in the UK manufacturing sector cooled in August, with output and new order growth losing traction. There are still signs for continued optimism, however, as manufacturers reported a positive outlook for the year ahead. Business confidence rose to a six-month high and job creation was the strongest for two years. This suggests that the slowdown was mainly driven by a reduced focus on maintaining precautionary stocks as economic uncertainty eases, especially as domestic and overseas clients continue to show a willingness to spend albeit with a relatively high degree of caution. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">“Although cost and supply chain pressures remain potentially damaging, there was better news on these fronts too. Volatility in energy markets, supply constraints, geopolitical strife and transportation disruptions are all keeping cost rises at elevated levels, but August at least saw purchase price inflation descend from recent peaks to a six-month low. Supply chain delays were the least marked for six months too, which should provide additional respite to cost pressures barring any further major disruptions.”</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"></p> This article was written by Giuseppe Dellamotta at investinglive.com.

<ul style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"><li style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0">Prior was 52.2</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Key findings:</p><ul><li>Production posts strongest growth since January 2022, supported by jump in orders </li><li>Supply chain pressures intensify further, contributing to steep rise in purchasing </li><li>Business expectations brightest since just before the outbreak of the Middle East war in February</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Comment:</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Phil Smith, Economics Associate Director at S&amp;P Global Market Intelligence: </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"The recovery in the German manufacturing sector kicked up a gear in August, with a jump in new orders helping propel output growth to its highest since early 2022. The upturn is being led the intermediate goods sector, i.e. makers of inputs for other goods, suggesting growth is still being supported to a degree by safety stockpiling amid tight supply conditions. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"But there are also signs of growing optimism about underlying demand fundamentals. The mood among businesses about output in the year ahead has improved noticeably and is now the brightest seen since the Middle East conflict began. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"Manufacturers still aren't confident or busier enough to be back in hiring mode yet, but a further slowdown in the pace of losses is a sign that factory jobs might be close to stabilising after more than three years of staff retrenchment. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"Elevated cost pressures remain a constraint on hiring, and although input prices rose at their slowest rate for six months in August, there are still upside risks to inflation from oil markets and supply chain disruption. Supply chain pressures intensified to the worst for three months in August, exacerbated by the bottlenecks being created by the AI boom and drought conditions in Europe."</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"></p> This article was written by Giuseppe Dellamotta at investinglive.com.

<ul style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"><li style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0">Prior 51.3</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Key findings:</p><ul><li>Renewed decline in output amid faltering demand conditions</li><li>Steepest drop in new orders in almost a year-anda-half </li><li>First fall in production volumes in seven months </li><li>Cost pressures ease as purchasing activity drops sharply</li></ul><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Comment:</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">Eleanor Dennison, Economist at S&amp;P Global Market Intelligence, said: </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"The impact of unfavourable demand conditions rippled through the Italian manufacturing sector in August. There was evidence of particular weakness in the domestic market, with export sales falling to a comparatively softer degree. This drop in new orders was sufficient enough for firms to lower their production volumes for the first time in seven months and to sharply reduce their input purchasing. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"The external environment continued to play a crucial part in keeping cost pressures elevated and disrupting supply chains. However, subdued market conditions and reduced demand for inputs means things are slowly moving in the right direction on both the cost and supply chain front. </p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px">"On a brighter note, manufacturers returned to hiring in August as their confidence in the 12-month outlook improved. A number of firms are hoping for a pick-up in market conditions as the year closes out."</p><p style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: 22px; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0; font-family: Inter, InterFallback, serif; transition: 0.3s; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"></p> This article was written by Giuseppe Dellamotta at investinglive.com.

<ul><li>Spain August manufacturing PMI 49.5 vs 50.3 expected</li><li>Prior 50.2</li></ul><p style="text-align: justify" class="text-align-justify">It's not a good look in August for Spain manufacturing activity, with both output and new orders declining. The worsening business activity reflected&nbsp;some concerns over rising prices, especially for energy, with latest data showing a noticeable acceleration in overall input cost inflation.</p><p style="text-align: justify" class="text-align-justify">Meanwhile, supply-side challenges also remained evident, with typical lead times for the delivery of inputs again deteriorating to a considerable degree.</p><p style="text-align: justify" class="text-align-justify">Circling back to the drop in production, that is also in part due to&nbsp;the usual seasonality related to summer factory shutdowns. However, the survey notes that the drop was&nbsp;primarily linked by panellists to a modest decline in new work amid reports of stagnant market conditions and demand. So, there's that.</p><p style="text-align: justify" class="text-align-justify">S&amp;P Global notes that:</p><blockquote style="text-align: justify" class="text-align-justify">“August proved to be a somewhat challenging month for Spain’s manufacturing sector, with output and new orders declining on the month amid stagnant market demand. Weakness was especially prevalent amongst capital goods producers as firms continue to struggle to secure investment and commitments to new contracts given the uncertainty that exists within the marketplace. </blockquote><blockquote style="text-align: justify" class="text-align-justify">“This uncertainty can be linked to the rollercoaster in price setting that firms continue to experience in 2026. With energy costs picking up again in August, input price inflation has once again surged higher, placing noticeable pressure on margins and meaning confidence in the outlook remained subdued. No wonder firms remained reticent to hire or buy-in new inputs, with both employment and purchasing activity subsequently cut over the month.”</blockquote><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<p>EUROPEAN SESSION</p><p>In the European session, we have the final PMIs for the major Eurozone economies and the UK, as well as the Eurozone Flash CPI report. The final PMIs and other low-tier indicators won't be market-moving, as the data won't change anything for the respective central banks.</p><p>The Eurozone CPI Y/Y is expected at 3.3% vs 2.9% prior, while the Core Y/Y measure is seen at 2.5% vs 2.5% prior. Again, the market reaction will likely be muted unless the core inflation data surprises meaningfully on either side. The ECB is widely expected to hike at the upcoming meeting, so nothing will change that, but the central bank has also signalled that there's less appetite to tighten further.&nbsp;</p><p>AMERICAN SESSION</p><p>In the American session, we get the US ISM Manufacturing PMI and the US Job Openings data. The ISM is expected at 55.2 vs 55.6 prior, but the market reaction will likely be muted unless we get a significant downward surprise. The US CPI remains the most important release at the moment given the Fed's focus on inflation. </p><p>For proxy, the <a href="https://investinglive.com/news/s-p-global-manufacturing-pmi-flash-estimate-for-august-53-2-versus-53-9-estimate/" rel="follow">S&amp;P Global PMIs</a> showed a minor downtick in manufacturing. The agency said that growth momentum has shifted from manufacturing to services between the second and third quarters. As reduced safety stock building and supply delays dampen factory production growth, the service sector is now playing a key role in driving a sustained US expansion, underscoring a dependency on consumer spending and financial services growth.</p><p>The US Job Openings are expected at 7.313M vs 7.359M prior. The data will likely be ignored both because it's a two-month lagging indicator and because the focus is on inflation, as the labour market has stabilised.&nbsp;</p><p>CENTRAL BANK SPEAKERS</p><ul><li>08:30 GMT/04:30 ET - ECB's Kocher (neutral - voter)</li><li>12:30 GMT/08:30 ET - ECB's Nagel (neutral - voter)</li><li>13:05 GMT/09:05 ET - Fed's Barr (neutral - voter)</li><li>15:30 GMT/11:30 ET - ECB's Vujcic (neutral - voter)</li></ul> This article was written by Giuseppe Dellamotta at investinglive.com.

<ul><li>Germany July retail sales -3.4% vs +0.4% m/m expected</li><li>Prior -0.7%; revised to 0.0%</li></ul><p style="text-align: justify" class="text-align-justify">Death, taxes, and German economic data disappointing on estimates. What else is new. This is another really poor reading, though it is exacerbated by a positive revision to the June figure. But still, it's a very poor start to consumer sentiment in the third quarter to say the least.</p><p style="text-align: justify" class="text-align-justify">In real terms, German retail sales in July is down 2.5% compard to the same month a year ago. That is a sharp decline from it being 0.6% higher comparatively back in June.</p><p style="text-align: justify" class="text-align-justify">Looking at the details, the big drop in July comes as we see&nbsp;the end of the fuel discount that was in effect during May and June. Of note, petrol station sales declined heavily by 9.1% in real terms on the month. While&nbsp;petrol station sales also include sales in the petrol station shops, it is quite evident that the fuel discount was the big factor in all of this.</p><p style="text-align: justify" class="text-align-justify">Besides that, food sales were also down 0.8% in real terms on the month with non-food retailing also dropping notably by 4.8% in real terms on the month.</p><p style="text-align: justify" class="text-align-justify">All in all, it's just a bad showing all around as households definitely pulled back on spending in July it would seem.</p><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<ul><li>UK August Nationwide house prices +0.2% vs +0.1% m/m expected</li><li>Prior +0.1%; revised to -0.1%</li><li>UK August Nationwide house prices +1.6% vs +2.0% y/y expected</li><li>Prior +1.8%; revised to +1.4%</li></ul><p style="text-align: justify" class="text-align-justify">UK house prices moved up slightly in August but overall remains steady after a negative revision to the July figure. Overall, it still points to rather tepid and subdued activity in the housing market. That as economic uncertainty continues to linger amid ongoing tensions between US and Iran, with the impact spilling over to inflation and rates.</p><p style="text-align: justify" class="text-align-justify">While the monthly index moved up, the average price of a dwelling in the UK did drop a little to&nbsp;£275,465. The annual change is still reflecting a positive figure, so that at least is reaffirming that the resilience seen earlier in the year is still holding up decently.</p><p style="text-align: justify" class="text-align-justify">Nationwide notes that:</p><blockquote style="text-align: justify" class="text-align-justify">"Market activity and house prices have remained subdued in recent months, in part reflecting the uncertain economic backdrop. Geopolitical tensions remain high, with the conflict in the Middle East exerting upward pressure on energy prices and market interest rates.</blockquote><blockquote style="text-align: justify" class="text-align-justify">Underlying affordability is improving, as house price growth remains well below earnings growth. although some of these gains have been offset by higher mortgage rates. Nevertheless, this suggests that activity should regain momentum in the quarters ahead providing the energy shock wanes and confidence returns, especially if market interest rates fall back towards pre-conflict levels."</blockquote><p style="text-align: justify" class="text-align-justify"></p><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<p style="text-align: justify" class="text-align-justify">Let's get right into it. Headline annual inflation is expected to move up to 3.3% (previously 2.9%) while core annual inflation is expected at 2.5% (previouly 2.5%). As always, the read on core prices is still the most important here. And while not expected to push up, it hasn't exactly come back down to 2% either.</p><p style="text-align: justify" class="text-align-justify">The bigger picture concern is that the more headline prices continue to be pushed up, be it due to higher energy prices and what not, there will eventually be spillovers to broader categories i.e. food and services.</p><p style="text-align: justify" class="text-align-justify">So, it doesn't mean that core prices keeping steadier is a "good sign". The report needs to be taken as a whole alongside the latest developments that are impacting price pressures globally.</p><p style="text-align: justify" class="text-align-justify">In that sense, the US-Iran conflict continuing as it is will not help the inflation outlook. That as energy prices continue to hold higher and shipping disruptions continue to bite at supply chains and the cost of raw materials.</p><p style="text-align: justify" class="text-align-justify">Given that consideration, the ECB knows very well that they have to position against the potential risks of inflation pressures getting worse. And the fear is that there might even be second-round effects that show up down the road.</p><p style="text-align: justify" class="text-align-justify">That makes a rate hike for this month very much a given now, especially after recent communique from the central bank. Traders are already pricing in ~98% odds of such a move in September, with another 25 bps rate hike primed for February now.</p><p style="text-align: justify" class="text-align-justify">As mentioned before, a rate hike in September will just push monetary policy setting to mildly restrictive territory for the ECB. That is not enough if there is going to be a much bigger fight against inflation. So, this is very much just the first step by policymakers to put themselves back in the arena.</p><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

<p style="text-align: justify" class="text-align-justify">Bessent is in North Carolina for the G20 finance leaders' gathering but he has met BOJ governor Ueda and Japan finance minister Suzuki on the sidelines already. And it seems like he has made it clear to them, that Japan has to do its part to take more action after the US agreed to help intervene in the market at the end of July and early August.</p><p style="text-align: justify" class="text-align-justify">As mentioned at the time, "there seems to be a suggestion that US-Japan joint intervention had involved some silent agreement for the BOJ to play their part too".</p><p style="text-align: justify" class="text-align-justify">And now Bessent is not shying away from trying to drop hints about that. He said that he hopes Ueda and the BOJ would "do the right thing" on monetary policy. And on fiscal policy, he is also taking a poke at the Japanese administration in saying that they should just "sit back and enjoy the success of Abenomics and let that run" now that deflation is no longer an issue.</p><p style="text-align: justify" class="text-align-justify">That's surely a swipe at Takaichi's expansionary fiscal setting and you can be sure that Bessent will have made that even clearer to Suzuki.</p><p style="text-align: justify" class="text-align-justify">On the BOJ, this isn't the first time that the US Treasury has tried to push the Japanese central bank into taking action. Just before helping with intervention, the semi-annual currency report already underscored the need for that <a href="https://investinglive.com/forex/us-presses-boj-on-rate-hikes-as-yen-hits-40-year-low-intervention-threat-looms/" rel="follow">here</a>.</p><p style="text-align: justify" class="text-align-justify">But with the intervention now, it perhaps gives Bessent some chips to play in pressuring Japan to take the kind of action that he wants. And he is also trying to get traders and investors to react accordingly already:</p><blockquote style="text-align: justify" class="text-align-justify">"I have information that the market doesn't have.&nbsp;It's my belief that the Japanese government and that the BOJ will do the things that will lead to a stronger yen."</blockquote><p style="text-align: justify" class="text-align-justify">Well, it's no secret that the BOJ looks poised to raise interest rates in September next. The market pricing for that shows ~74% odds of a rate hike, though traders are pushing for quite an aggressive tone with ~80 bps of rate hikes priced by June next year.</p><p style="text-align: justify" class="text-align-justify">For a central bank that has been rather timid over the years, will the BOJ suddenly change up its pace amid coercion from the US? And for Takaichi, is she willing to abandon her fiscal high ground and pledge reforms?</p><p style="text-align: justify" class="text-align-justify">The former seems more likely but it will be tough for Ueda &amp; co. to suddenly abandon their curated and careful policy approach all of a sudden. So, it will be interesting to see how things keep up after September.</p><p style="text-align: justify" class="text-align-justify">As for Takaichi, the chances of her yielding under the pressure are slim. And that's already rather evident after Japan's ministries and agencies made the&nbsp;largest initial budget request ​on record - totalling roughly ¥143 trillion.</p><p style="text-align: justify" class="text-align-justify"></p> This article was written by Justin Low at investinglive.com.

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USD corrects after Warsh's hawkish speech at Jackson Hole</a></li><li><a href="/stocks/us-broader-indices-close-lower-on-the-day-nasdaq-100-closes-marginally-higher" rel="follow">US broader indices close lower on the day. Nasdaq 100 closes marginally higher</a></li></ul><p dir="ltr">Summary:</p><p></p><ul dir="ltr"><li>Oil remains underpinned after Monday's gains, with President Trump vowing to hit Iran hard in response to its retaliation, and reports of a Saudi VLCC halted after being struck by projectiles in the Strait of Hormuz.</li><li>US Army Secretary Dan Driscoll has resigned after months of tension with Defense Secretary Pete Hegseth, according to the Wall Street Journal.</li><li>Gold is little changed below USD 4,450/oz following a quiet prior session and amid recent upside in yields.</li><li>China's RatingDog Manufacturing PMI rose to a two-month high of 51.5 in August from 50.9 in July, with new orders and exports accelerating, a ninth straight month of expansion and a positive signal for AUD as a China proxy.</li><li>Japan's S&amp;P Global Manufacturing PMI rose to 54.9 in August from 54.5 in July, an eighth straight month of improvement, with new orders growing at their fastest pace in over eight and a half years on AI and semiconductor demand, though this missed the 55.1 forecast.</li><li>South Korea's S&amp;P Global Manufacturing PMI eased to 52.3 in August from 53.1 previously.</li><li>Australia's net exports contributed 0.1 percentage points to Q2 GDP, following separate data showing underlying government demand and inventories contributed 0.33 percentage points to Q2 growth.</li><li>Treasury Secretary Bessent said he believes Japan will act to strengthen the yen and that markets are pricing in a BOJ hike, after meeting BOJ Governor Ueda and Japan's Finance Minister Katayama at the G20; USDJPY stood near 159.75, close to the 160 level associated with intervention risk.</li><li>Katayama separately confirmed with Bessent that orderly yen and FX rates are crucial for global financial stability and that joint intervention remains significant, while declining to comment on current yen levels.</li><li>The US dollar held slightly higher against most major currencies.</li><li>A new report showed the scale of China's state-backed equity market support, with SASAC and Chengtong raising A-share holdings by more than 60 billion yuan in 2026, part of a wider buyback push covering 1,051 listed companies with proposed buybacks exceeding 220 billion yuan, according to the China Association for Public Companies.</li><li>The Nikkei 225 traded off earlier lows and briefly turned positive, with headwinds from higher yields. The KOSPI declined mildly amid light newsflow and indecisive performance among tech heavyweights. The Hang Seng fell around 1% while the Shanghai Composite rose 0.2%, with mainland shares cushioned by the stronger than expected China PMI data.</li></ul><p dir="ltr"> Middle East news flow was relatively light through the session, though oil prices remained underpinned after Monday's gains, when a US strike on Iranian rocket launchers and a subsequent Iranian retaliation drove crude higher. President Trump has vowed to respond forcefully to Iran's retaliation, and further support came from reports that a Saudi VLCC was halted after being struck by projectiles in the Strait of Hormuz, extending the pattern of tanker incidents in the waterway.</p><p dir="ltr">Separately, US Army Secretary Dan Driscoll has resigned following months of tension with Defense Secretary Pete Hegseth, according to the Wall Street Journal.</p><p dir="ltr">Gold was little changed below the USD 4,450 an ounce level, following an uneventful prior session and alongside the recent upside in bond yields.</p><p dir="ltr">It was a busier day for economic data, with the focus on China's private sector manufacturing survey. The RatingDog China General Manufacturing PMI rose to a two-month high of 51.5 in August from 50.9 in July, with new orders and export growth both accelerating. The reading marked a ninth consecutive month of expansion and was seen as a positive signal for the Australian dollar given its role as a China proxy currency.</p><p dir="ltr">In Japan, the S&amp;P Global Manufacturing PMI rose to 54.9 in August from 54.5 in July, an eighth consecutive month of improvement, with new orders expanding at their fastest pace in more than eight and a half years on strong AI and semiconductor related demand, though the reading fell short of the 55.1 forecast. South Korea's equivalent survey eased to 52.3 in August from 53.1 previously.</p><p dir="ltr">In Australia, net exports contributed 0.1 percentage points to second quarter GDP, following data released a day earlier showing underlying government demand and inventories contributed a further 0.33 percentage points to growth over the same period.</p><p dir="ltr">On the currency side, Treasury Secretary Scott Bessent said he believes Japan will act to strengthen the yen and that markets are pricing in a Bank of Japan rate hike, following meetings with BOJ Governor Kazuo Ueda and Japan's Finance Minister Satsuki Katayama at the G20 in Asheville. USDJPY stood near 159.75, close to the 160 level that has previously been associated with a heightened risk of intervention. Katayama separately confirmed with Bessent that orderly yen and broader FX rates are crucial for the stability of global financial markets, and that the two sides share an understanding on the significance of joint intervention, while declining to comment on whether she considers current yen levels to be in order. The US dollar held slightly higher against most major currencies through the session.</p><p dir="ltr">A new report also highlighted the scale of state-backed support flowing into Chinese equities, with the State-owned Assets Supervision and Administration Commission and China Chengtong Holdings Group having raised their combined A-share holdings by more than 60 billion yuan so far in 2026. That figure sits within a broader buyback push covering 1,051 listed companies with proposed buybacks exceeding 220 billion yuan, according to a report from the China Association for Public Companies.</p><p dir="ltr">Regional equity markets were mixed. The Nikkei 225 traded off its earlier lows and briefly turned positive, despite headwinds from higher yields. The KOSPI declined mildly amid light news flow and indecisive performance among the index's tech heavyweights. In Hong Kong and mainland China, the Hang Seng fell around 1% while the Shanghai Composite rose 0.2%, with mainland shares cushioned by the stronger than expected Chinese manufacturing PMI data released earlier in the session.</p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.

<p dir="ltr">This print beats the roughly 51.0 consensus flagged ahead of the release and lands the day after the NBS official PMI also improved, giving AUD traders confirmation from both the state weighted and export weighted surveys in the same week, a combination that tends to build conviction faster than either gauge moving alone. </p><p dir="ltr">The strongest export growth in six months is the standout detail for the AUD-proxy trade specifically, since it points to firmer external demand for Chinese manufactured goods rather than just domestically stimulated activity, a distinction that matters given Australia's exposure runs through Chinese industrial activity more than through Chinese consumption. The first cut to output prices in 2026, even as input costs rose, is worth flagging as a competitive pressure signal worth watching in subsequent months, though it did not prevent the headline index from accelerating. Separately, Australia's own Q2 GDP components released ahead of today's China data showed net exports added 0.1 percentage points to growth, with underlying government demand and inventories contributing 0.33 percentage points per data out a day earlier, both domestic supports that stand independently of the China data and should not be read as connected to today's Caixin print.</p><p dir="ltr">---</p><p dir="ltr">Earlier:</p><ul><li><a href="https://investinglive.com/news/china-factory-activity-beats-forecasts-but-stays-in-contraction-in-august" target="_blank" rel="follow">China factory activity beats forecasts but stays in contraction in August</a></li><li><a href="https://investinglive.com/stock-market-update/new-report-shows-scale-of-china-s-state-backed-equity-market-support-state-capital-and-buybacks" target="_blank" rel="follow">New report shows scale of China's state-backed equity market support, State capital and buybacks</a></li></ul><p dir="ltr">---</p><p dir="ltr"></p><p dir="ltr"> China's private factory survey beat expectations with its strongest export growth in six months, a clear positive for AUD as a China proxy trade.</p><p dir="ltr">Summary:</p><p><a href="https://investinglive.com/news/china-data-ratingdog-manufacturing-pmi-august-2026-vs-expected-50-9-prior-50-9/" rel="follow">The RatingDog China General Manufacturing PMI rose to 51.5</a> in August from 50.9 in July, a two-month high and the ninth consecutive month above the 50 no-change mark, marking the longest upturn in five years.</p><ul dir="ltr"><li>New orders grew for a fifteenth consecutive month, the longest growth streak since 2018, with the rate of expansion accelerating and new export business rising at its fastest pace in six months, driven by strength in consumer goods.</li><li>Manufacturing output expanded for a ninth straight month at the fastest pace since May, while backlogs of work rose for a seventh month at the fastest rate since March.</li><li>Input price inflation accelerated for the first time since April, linked to higher raw material, metals and oil prices, though manufacturers cut output prices for the first time in 2026 amid competitive market conditions and promotions.</li><li>Employment was broadly unchanged, with consumer goods firms adding staff offset by headcount reductions in intermediate and investment goods sectors; 12-month business confidence stayed positive but eased to its softest level since January.</li><li>Separately, Australia's Q2 GDP data showed net exports contributed 0.1 percentage points to growth, while underlying government demand and inventories contributed 0.33 percentage points, according to data released a day earlier; these are standalone domestic figures and not directly connected to today's China PMI release.</li></ul><p dir="ltr"> China's private sector manufacturing survey strengthened further in August, with the RatingDog China General Manufacturing PMI rising to 51.5 from 50.9 in July, a two-month high that extends the current run of expansion to nine consecutive months, the longest such stretch in five years.</p><p dir="ltr">The improvement was broad based. New orders rose for a fifteenth straight month, the longest growth streak since 2018, with the rate of expansion accelerating since July and running above the survey's long run average. RatingDog founder Yao Yu said new export business rose at its fastest pace in six months, driven by strong growth in the consumer goods sector, while manufacturing output expanded for a ninth successive month at the strongest rate since May, supported by stronger demand and capacity expansion. Backlogs of work increased for a seventh consecutive month at the fastest pace since March, and finished goods inventories grew at their quickest rate since September 2025 as output growth outpaced demand at the margin.</p><p dir="ltr">On costs, input price inflation accelerated for the first time since April, though Yao said the rate remained moderate, with higher costs linked to rising raw material prices, particularly metals and oil, alongside supplier adjustments and stronger demand. Notably, manufacturers cut output prices for the first time in 2026, a move Yao attributed to strong market competition and promotional activity, though the reduction was described as only marginal. Employment held broadly steady, reflecting a divergence between consumer goods manufacturers, which continued adding staff, and intermediate and investment goods firms, which reduced headcount. Business sentiment about the 12-month outlook remained positive, supported by expectations of stronger demand, new product launches and expansion plans, though the overall degree of confidence eased to its weakest level since January.</p><p dir="ltr">For AUD, which trades heavily as a liquidity proxy for Chinese economic conditions, today's release lands as a genuinely supportive data point, and comes a day after China's official NBS manufacturing PMI also improved, giving the currency confirmation from both the state weighted and export weighted sides of China's manufacturing base within the same week. The acceleration in export orders specifically speaks to external demand strength, a channel more directly relevant to Australian commodity exports than domestically driven stimulus alone, while Yao said the manufacturing PMI is expected to remain in expansionary territory in the near term.</p><p dir="ltr">Separately, and unrelated to today's China data, Australia's own Q2 GDP components released this week showed net exports contributed 0.1 percentage points to growth, according to data out today, while underlying government demand and inventories contributed a further 0.33 percentage points, according to figures released a day earlier. These are standalone domestic growth inputs rather than a market reaction to the Chinese PMI data, but taken together with today's Caixin print, they add to a broader picture this week of incremental support building for the Australian growth and currency outlook from both external and domestic channels.&nbsp;</p><p dir="ltr"></p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.

<p>RatingDog Manufacturing PMI pushing AUD higher.&nbsp;</p><p>Just the data this post.&nbsp;</p><p>I'll have more to come on this separately, details and implications.</p><p>Added:&nbsp;<a href="https://investinglive.com/news/china-private-pmi-beats-forecast-longest-upturn-in-five-years-aud-support" target="_blank" rel="follow">China private PMI beats forecast, longest upturn in five years. AUD support.</a></p><p>Background:</p><ul><li><a href="https://investinglive.com/news/china-caixin-pmi-preview-private-survey-seen-edging-up-to-51-0-after-nbs-beat" target="_blank" rel="follow">China Caixin PMI preview: private survey seen edging up to 51.0 after NBS beat</a></li><li><a href="https://investinglive.com/education/explainer-china-s-four-pmis-why-they-don-t-always-agree-and-how-to-trade-them" target="_blank" rel="follow">Explainer: China's four PMIs, why they don't always agree, and how to trade them</a></li></ul><p>Yesterday:</p><ul><li><a href="https://investinglive.com/news/china-official-august-manufacturing-pmi-expected-49-7-prior-49-2" target="_blank" rel="follow">China official August Manufacturing PMI 49.8 (expected 49.7, prior 49.2)</a></li></ul> This article was written by Eamonn Sheridan at investinglive.com.

<p dir="ltr">The strength of this reading, particularly the sharpest new orders growth in over eight and a half years, reinforces the case that Japan's export-oriented, semiconductor and AI-linked manufacturing base is running considerably hotter than the broader economy, a distinction worth keeping in mind alongside the weaker domestic demand picture flagged in other Japanese data this cycle. For yen watchers, the report's explicit link between elevated cost pressures and both the weak yen and Middle East linked supply disruption adds a fresh data point to the case Bessent and others have been making for BOJ tightening, since persistent import cost inflation of this kind is precisely the channel through which a weak currency feeds into headline prices. The report's price and delivery time detail also feeds the broader Hormuz narrative running through markets this week, showing tangible knock-on costs for an economy well outside the Middle East itself, which supports the case that current elevated oil and shipping disruption is being priced into corporate cost bases globally rather than remaining a purely regional story.</p><p dir="ltr">---</p><p dir="ltr">Earlier:</p><ul><li><a href="https://investinglive.com/central-banks/bessent-met-ueda-katayama-at-g20-pushed-for-boj-hikes-nhk-reports" target="_blank" rel="follow">Bessent met Ueda, Katayama at G20, pushed for BOJ hikes, NHK reports</a></li></ul><p dir="ltr"></p><p dir="ltr">---</p><p dir="ltr"> Japan's factories are booming on AI-linked demand even as Middle East disruption and a weak yen keep squeezing their costs.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>The S&amp;P Global Japan Manufacturing PMI rose to 54.9 in August from 54.5 in July, marking an eighth consecutive month of improving conditions and the second-highest reading since January 2022, behind only April 2026.</li><li>New orders grew at the sharpest rate in over eight and a half years, driven by firmer demand, new client enquiries, and robust sales of semiconductors and AI-related products; new export business rose at its quickest pace since early 2018, led by North America, Southeast Asia and China.</li><li>Output rose at the second-quickest pace since February 2014, and employment grew at its fastest rate since February 2018 as firms expanded capacity.</li><li>Input costs remained historically elevated, though the latest increase was the slowest since March; panellists cited higher raw material and oil prices linked in part to the Middle East conflict, along with a weak yen, and firms passed costs on by raising selling prices sharply.</li><li>Supplier delivery times lengthened at one of the fastest rates in four years, with supply chains under pressure partly from Middle East related disruption and partly from product shortages, though S&amp;P Global noted tentative signs delivery delays have eased over the past two months.</li><li>Business confidence about the year ahead rose to a six-month high and above the historical trend, with firms citing expected further demand growth in semiconductors and AI-related technology.</li></ul><p dir="ltr"></p><p dir="ltr"></p><p dir="ltr"> Japan's manufacturing sector continued to strengthen in August, with the S&amp;P Global Japan Manufacturing PMI climbing to 54.9 from 54.5 in July, marking an eighth consecutive month of improving business conditions and the second-highest reading since January 2022, trailing only April of this year.</p><p dir="ltr">The principal driver of the improvement was a sharp acceleration in new orders, which grew at the fastest rate in more than eight and a half years. Panellists linked the strength to firmer demand conditions, new client enquiries, and particularly robust sales of semiconductors and AI-related products. New export business rose at its quickest pace since the start of 2018, with firms reporting greater demand from North America, Southeast Asia and China. Goods producers responded by lifting output at the second-fastest rate since February 2014, and employment growth accelerated to its quickest pace since February 2018 as firms moved to expand operating capacity, even as outstanding business continued to build.</p><p dir="ltr">Cost pressures remained a persistent theme running through the report. Annabel Fiddes, Economics Associate Director at S&amp;P Global Market Intelligence, said price pressures remain a key concern, with survey price indicators staying close to record highs even as inflationary pressure has eased somewhat from recent peaks. Costs continued to be driven in part by disruption linked to the war in the Middle East and supplier bottlenecks around the Strait of Hormuz, as well as a weak yen exchange rate, though Fiddes noted tentative signs that delivery delays have eased over the past two months. Supplier delivery times nonetheless lengthened at one of the fastest rates seen in the past four years, reflecting a combination of Middle East linked disruption and separate product shortages, and factories continued to raise selling prices sharply in response to the sustained input cost pressure.</p><p dir="ltr">Despite those headwinds, sentiment among Japanese manufacturers about the year ahead improved to its highest level in six months and above the survey's historical trend, with companies frequently projecting further increases in customer demand, particularly for semiconductors and AI-related technology. Fiddes said the sector looks well placed to sustain its strong performance given the strength of AI-linked demand, while noting that firms will keep a cautious eye on supply chain and price developments to see how those pressures evolve. The combination of resilient export led growth and elevated, geopolitically linked cost pressure leaves Japan's manufacturers navigating a favourable demand environment alongside cost dynamics that show little sign of fully normalising in the near term.</p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.

<p></p><p>Key Takeaways for Traders Today</p><ul><li>Oil and rates: Brent settled above $90, while the US 10-year yield reached 4.768%. This strengthens the higher-inflation, higher-rate market regime.</li><li>Nasdaq futures: The critical area is 29,385. Sustained trade below it would strengthen the bearish sell-the-rally scenario.</li><li>Bitcoin: BTC has recovered above $78,340, but confirmation requires a break through $79,225 and then $80,000.</li><li>Gold: The intraday recovery attempt has weakened. Gold futures need to reclaim approximately $4,489-$4,490 before the bullish repair case improves. But gold futures price - if and when reaches and maintains $4523 then bulls are probably back in business.</li><li>Cross-asset message: Energy is showing relative strength, while rate-sensitive growth and precious metals remain vulnerable to rising yields.</li></ul><p>Why is the Oil Shock Affecting Stocks, Bonds and Gold?</p><p>Renewed US-Iran military strikes pushed Brent crude to approximately $90.49 and WTI to $85.76 at Monday’s settlement. At the same time, the US 10-year Treasury yield climbed to 4.768%, its highest level since January 2025.</p><p>This is no longer only a conventional geopolitical-risk trade. The more important development is the possibility that higher energy costs keep inflation elevated and force the Federal Reserve to maintain tighter monetary policy, or potentially raise rates again. Market pricing placed the probability of a September rate increase at roughly 65%.</p><p>What stands out is the cross-market transmission:</p><ul><li>Higher oil raises inflation risk.</li><li>Higher inflation expectations push yields upward.</li><li>Higher yields reduce the relative appeal of expensive growth stocks.</li><li>Higher real-rate expectations can also pressure gold.</li><li>Investors become more selective instead of simply moving into every traditional safe haven.</li></ul><p>This is a stagflationary combination, meaning inflation pressure is increasing while economic and financial conditions may become less supportive. That is generally a more difficult environment for broad equity markets than a temporary geopolitical headline alone.</p><p>What Does the Oil Move Mean for Nasdaq Futures?</p><p>Nasdaq futures remain below the important 29,540-29,590 acceptance area and are testing the 29,385 neighborhood.</p><p>That matters because technology and other long-duration growth stocks are especially sensitive to rising yields. When the return available from government bonds increases, investors may become less willing to pay elevated valuations for profits expected far into the future.</p><p>Bearish Nasdaq Scenario</p><p>A sustained break below 29,385 would strengthen the case for selling rallies rather than chasing temporary rebounds. The key word is sustained. A brief move below the level followed by an immediate recovery could be a liquidity sweep rather than a genuine breakdown. Traders may look for price to remain below the level, fail on a retest, or show another form of confirmation that matches their timeframe.</p><p>Nasdaq Recovery Scenario</p><p>The bearish setup would weaken if Nasdaq futures reclaim and hold above 29,540-29,590, particularly if WTI also falls back below approximately $85. That combination would suggest that both the technical damage and the inflationary energy pressure are beginning to ease.</p><p>What Oil Levels Could Confirm That the Inflation Trade is Continuing?</p><ul><li>WTI crude oil ($86): Holding above $86 would indicate that the market is maintaining the energy risk premium rather than quickly reversing the geopolitical move.</li><li>Brent crude oil ($90.50): Sustained trade above approximately $90.50 would reinforce the view that the oil shock is continuing to influence inflation expectations and global risk sentiment.</li><li>WTI below $85: A retreat below approximately $85, especially if accompanied by falling Treasury yields, would reduce some of the immediate pressure on growth stocks.</li></ul><p>The practical relative-strength preference remains energy over rate-sensitive growth while oil and yields stay elevated. That does not mean energy must continue higher, but it means the current macro conditions are more supportive for the sector than for richly valued technology shares.</p><p>Is Bitcoin Separating from the Stock Market?</p><p>Bitcoin rebounded from approximately $77,165 to around $78,600, even as yields increased and US equities weakened. It has also recovered the $78,340 trigger area.</p><p>That is a meaningful sign of short-term relative strength. Bitcoin is, for now, resisting some of the risk-off pressure affecting equities. However, this is still an early recovery attempt rather than a confirmed breakout. BTC remains below its recent intraday high near $79,225 and the larger $80,000 psychological barrier.</p><p>Bitcoin Bullish Scenario</p><p>The tactical bullish case remains viable while BTC holds above $78,340. A sustained break above $79,225 would provide the first stronger confirmation. Acceptance above $80,000 would be more important because it would show that buyers can overcome both technical resistance and a widely watched psychological level.</p><p>Bitcoin Bearish Invalidation</p><p>A loss of $78,340 would weaken the early relative-strength signal. A break below approximately $77,165 would invalidate the immediate rebound structure and suggest that Bitcoin is being pulled back into the wider risk-off move.</p><p>Note: Bitcoin spot, futures and perpetual contracts can trade at slightly different prices. Traders should map these zones to the specific instrument and exchange they use.</p><p>Why is Gold Falling During Geopolitical Escalation?</p><p>Gold futures settled near $4,481 after declining approximately 1.1%, while spot gold approached a two-week low.</p><p>This may appear surprising because gold is commonly treated as a safe-haven asset. However, gold does not react to geopolitical risk in isolation. It is also highly sensitive to interest rates, real yields and expectations for Federal Reserve policy.</p><p>In the current environment, rising oil prices are increasing inflation and tightening concerns. Higher bond yields raise the opportunity cost of holding gold, which does not pay interest. For now, that rate effect is outweighing some of the safe-haven demand. The practical lesson is important: geopolitical escalation alone is not automatically a gold-long signal.</p><p>What Would Improve the Gold Outlook?</p><p>Gold futures need to recover and hold above approximately $4,489-$4,490 to restart the intraday recovery case. Until that happens, rallies remain vulnerable, particularly while the US 10-year yield stays near or above 4.75%.</p><p>Note: The levels in this article are based on gold futures. Spot gold, CFDs and gold ETFs may trade at different prices, so traders should use the futures levels as market-structure references and adjust them to their own instruments.</p><p>The Clearest Cross-Asset Trading Map</p><p>Oil Shock Continues</p><p>WTI holds above $86 or Brent establishes acceptance above $90.50. This maintains inflation pressure and supports the energy-over-growth theme.</p><p>Nasdaq Bearish Confirmation</p><p>Nasdaq futures sustain trade below 29,385, strengthening the sell-rallies case while yields remain elevated.</p><p>Nasdaq Bearish Invalidation</p><p>Nasdaq futures reclaim 29,540-29,590 while WTI retreats below ~$85, indicating macro and structural pressures are easing.</p><p>Bitcoin Upside Confirmation</p><p>BTC holds above $78,340, clears $79,225, and establishes acceptance above $80,000.</p><p>Bitcoin Rebound Invalidation</p><p>BTC breaks below approximately $77,165.</p><p>Gold Recovery Confirmation</p><p>Gold futures reclaim and hold above $4,489-$4,490, ideally with the 10-year yield retreating from 4.75%.</p><p>Gold futures price - if and when reaches and maintains $4523 then bulls are probably back in business.</p><p>What Should Traders Watch Next?</p><p>The most important relationship is not the move in any single asset. It is whether oil and Treasury yields continue rising together.</p><p>If they do, the market is likely to remain difficult for rate-sensitive growth stocks and gold, while energy retains relative strength. Bitcoin may continue to resist that pressure, but it still needs to break above $79,225-$80,000 before its relative strength becomes a more reliable bullish signal.</p><p>If oil falls below its key thresholds and yields retreat, Nasdaq futures could recover, gold’s intraday repair could restart, and the wider risk-off pressure may begin to ease.</p><p>Disclaimer: Trade at your own risk. These scenarios are intended as decision-support guidance, not guarantees of future market direction or financial advice.</p><p></p> This article was written by Itai Levitan at investinglive.com.

<p dir="ltr">The acceleration adds a modestly hawkish data point for the Bank of England, coming alongside the Office for National Statistics' own CPI measure, which already showed inflation at a four-month high in July. With the BoE forecasting CPI to peak at 3.2 percent in October and November and food inflation to reach 3.5 percent in December, today's BRC figures suggest that peak may prove sticky rather than a one-off spike, since both the energy and AI-driven chip cost pressures cited by the BRC look structural rather than transitory. For sterling and UK rate markets, the read is a reminder that the BoE's easing path faces the same kind of supply-side complication currently being debated at the Federal Reserve, where AI-related and energy cost pressures are also entering the inflation conversation, meaning gilt yields and BoE rate cut expectations may see some repricing if the pattern persists in subsequent releases.</p><p dir="ltr">---</p><p dir="ltr">Latest official data:</p><ul><li><a href="https://investinglive.com/news/uk-headline-inflation-picks-up-in-july-core-prices-hold-steady" target="_blank" rel="follow">UK headline inflation picks up in July, core prices hold steady</a></li></ul><p dir="ltr">---</p><p dir="ltr"> UK shop prices are accelerating again, and this time it's energy costs and the AI chip boom doing the pushing, not just food.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>The British Retail Consortium's monthly shop price index rose to an annual 1.5% in August from 0.9% in July, the highest reading since February 2024.</li><li>BRC food price inflation climbed to a four-month high of 2.8% in August from 2.2% in July.</li><li>BRC non-food inflation rose to 0.9% in August from 0.2% in July, also its highest since February 2024.</li><li>BRC Chief Executive Helen Dickinson said higher energy, input and commodity costs are beginning to filter through into prices, particularly for ambient foods that are typically imported and processed.</li><li>Dickinson also said non-food electrical prices rose amid the ongoing AI boom, which is forcing up the price of memory chips and storage.</li></ul><p dir="ltr"> British retailers raised prices by the most in more than two years last month, as higher energy costs pushed up the price of some processed food and the artificial intelligence boom drove up the cost of consumer electronics reliant on the same components in high demand across the tech sector.</p><p dir="ltr">The British Retail Consortium said its monthly shop price index rose to an annual 1.5% in August, up from 0.9% in July and its highest level since February 2024. The increase was broad based across both food and non-food categories. Food price inflation climbed to a four-month high of 2.8% in August from 2.2% in July, while non-food inflation jumped to 0.9% from 0.2%, also its strongest reading since February 2024.</p><p dir="ltr">BRC Chief Executive Helen Dickinson said the impact of higher energy, input and commodity costs is beginning to filter through into shelf prices, particularly for ambient foods that are typically imported and processed, a category especially exposed to global commodity and shipping cost swings. On the non-food side, Dickinson pointed to a less conventional driver: electrical prices have risen amid the ongoing AI boom, which is pushing up the cost of memory chips and storage components used across consumer electronics, from laptops to smartphones, as manufacturers compete for the same chip supply being consumed by data centre buildouts.</p><p dir="ltr">The BRC reading lands alongside official data from the Office for National Statistics, whose consumer price index, covering a broader basket of goods and services than the BRC's retail focused measure, rose to a four-month high of 2.9% in July. The Bank of England's own forecasts see CPI peaking at 3.2% in October and November, with food price inflation expected to reach 3.5% in December, suggesting the current run of readings may represent the early stage of a broader inflation pickup rather than an isolated data point. Taken together, the BRC and ONS figures point to a UK inflation backdrop increasingly shaped by supply side forces, energy costs on one hand and AI driven component demand on the other, that sit outside the more traditional demand side levers the Bank of England's policy typically targets, complicating the central bank's task as it weighs the pace of any further rate cuts against a inflation profile still expected to climb into year end.</p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.

<p dir="ltr">Personnel turnover at the Pentagon is not typically a market moving event on its own, but this one is worth flagging given the pattern it extends. The Army now has no Senate confirmed civilian or military leader at all, with an acting chief of staff already in place after the prior officeholder's firing. Defence and geopolitical risk desks will watch whether the friction driving Driscoll's exit reflects a broader push to reshape senior military leadership, given his prior involvement in Russia-Ukraine negotiations, any perceived instability in that channel could have knock-on relevance for risk sentiment and safe haven flows if it coincides with other geopolitical stress points already in play this week.</p><p dir="ltr">---</p><p dir="ltr">Meanwhile the war rolls on:</p><ul style="box-sizing: inherit; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-variant-alternates: inherit; font-variant-position: inherit; font-weight: 400; font-stretch: inherit; line-height: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 20px; padding: 0 0 0 19px; font-family: Inter, InterFallback, serif; list-style: outside; text-indent: -3px; color: rgba(0, 0, 0, 1); letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0; white-space: normal; background-color: rgba(255, 255, 255, 1); text-decoration-style: initial; text-decoration-color: initial; font-size: 16px"><li style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0 0 4px; padding: 0"><a class="article-link" href="https://investinglive.com/commodities/oil-prices-jump-as-us-and-iran-exchange-strikes-prolonged-stalemate-keeps-the-downside-limited/" target="_self" style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0; padding: 0; color: rgba(140, 77, 223, 1); cursor: pointer; text-decoration: none; transition: 0.3s" rel="follow">Oil prices jump as US and Iran exchange strikes; prolonged stalemate keeps the downside limited</a></li></ul><p dir="ltr">---</p><p dir="ltr">Driscoll's exit leaves the Army entirely without Senate confirmed leadership, capping a months long rift with Hegseth over the service's direction.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>Army Secretary Dan Driscoll has submitted his resignation to President Trump, according to the <a href="https://www.wsj.com/politics/national-security/army-secretary-resigns-after-months-of-friction-with-hegseth-9c124207?mod=e2twp" rel="follow">Wall Street Journal</a>&nbsp;(gated).</li><li>The resignation follows months of tension with Defense Secretary Pete Hegseth over the direction of the Army and the removal of numerous senior officers.</li><li>Driscoll is expected to leave the Pentagon in the coming days.</li><li>White House spokeswoman Anna Kelly praised Driscoll's record, saying he had been "highly effective in advancing President Trump's agenda" at the Department of the Army.</li><li>With Driscoll gone, the Army will have no Senate confirmed civilian or military leader; Gen. Christopher LaNeve has been acting chief of staff since Gen. Randy George was fired.</li><li>Driscoll reportedly had a close relationship with the ousted Army chief of staff, adding to the sense of a broader leadership shake up within the service.</li></ul><p dir="ltr"> Army Secretary Dan Driscoll has submitted his resignation to President Trump, the Wall Street Journal reported, following months of friction with Defense Secretary Pete Hegseth over the direction of the service and the ouster of numerous senior Army officers. He is expected to leave the Pentagon within days.</p><p dir="ltr">White House spokeswoman Anna Kelly credited Driscoll with providing what she called "highly effective" leadership in advancing the administration's agenda at the Department of the Army, citing his role in restoring an emphasis on readiness and lethality and his involvement in negotiations between Russia and Ukraine. Driscoll's departure leaves the Army without a single Senate confirmed civilian or military leader. Gen. Christopher LaNeve has served as acting chief of staff since Hegseth removed his predecessor, Gen. Randy George, and Driscoll himself was reported to have had a close relationship with that ousted chief, underscoring how the tension appears to run through multiple layers of Army leadership rather than being confined to one relationship.</p><p dir="ltr"></p><p dir="ltr">---</p><p dir="ltr">Sidebar: what does the Army Secretary do, and why does the role matter</p><p dir="ltr">The Secretary of the Army is the senior civilian official responsible for the Department of the Army, one of the three military departments inside the Department of Defense alongside the Navy and Air Force. It is a Senate confirmed, cabinet adjacent position, though the Secretary reports to the Secretary of Defense rather than sitting in the cabinet directly. The role carries statutory responsibility for the training, equipping, recruitment, budget and overall administration of the Army, working alongside the uniformed Chief of Staff of the Army, who handles military operations and advises on strategy, while the civilian Secretary handles policy, resourcing and oversight.</p><p dir="ltr">In practice, the Secretary is the Army's chief link to the political leadership of the Pentagon and the White House, translating broader defence policy into decisions about force structure, procurement priorities and personnel policy for the largest of the US military branches by uniformed strength. Because the role is Senate confirmed, it also functions as a check within the civilian control of the military system, ensuring that decisions about one of the country's most significant fighting forces carry the legitimacy of Senate consent rather than resting solely with appointees who serve at the President's discretion without that additional confirmation step.</p><p dir="ltr">That is what makes the current vacancy notable. With Driscoll's exit, the Army lacks both a Senate confirmed civilian Secretary and a Senate confirmed uniformed Chief of Staff, since Gen. Christopher LaNeve is serving only in an acting capacity following Gen. Randy George's removal. Having neither position filled through the normal confirmation process, at the same time, is unusual and leaves day to day civilian oversight of the Army resting on acting or delegated authority rather than confirmed leadership, at a moment when the service is also reportedly navigating internal friction over its strategic direction.</p><p dir="ltr"></p> This article was written by Eamonn Sheridan at investinglive.com.

<ul><li><a href="/stocks/us-broader-indices-close-lower-on-the-day-nasdaq-100-closes-marginally-higher" rel="follow">US broader indices close lower on the day. Nasdaq 100 closes marginally higher</a></li><li><a href="/news/trump-to-announce-new-drug-pricing-agreement" rel="follow">Trump to announce new drug pricing agreement.</a></li><li><a href="/commodities/strategic-petroleum-reserves-fell-by-3-1m-barrels-to-286-6-mln-barrels-trump-blames-biden" rel="follow">Strategic Petroleum Reserves fell by 3.1M barrels to 286.6M barrels. Who is to blame?</a></li><li><a href="/technical-analysis/buyers-in-crude-oil-had-their-shot-to-take-price-higher-from-a-technical-perspective-and-they-missed" rel="follow">Buyers in crude oil had their shot to take price higher from a technical perspective and they missed.</a></li><li><a href="/stocks/european-shares-close-closely-lower-uk-s-ftse-100-and-italy-s-ftse-mib-close-higher" rel="follow">European shares close closely lower. UK's FTSE 100 and Italy's FTSE MIB close higher</a></li><li><a href="/news/treas-sec-bessent-oil-price-are-going-to-come-down" rel="follow">Treas Sec Bessent: Oil price are going to come down. US 10 year yield is where it was when Pres. Trump took office.</a></li><li><a href="/news/treas-sec-bessent-at-the-g20-iran-taking-sanctions-seriously" rel="follow">Treas. Sec Bessent at the G20: Iran taking sanctions seriously</a></li><li><a href="/news/trump-iran-has-no-navy-and-air-force" rel="follow">Trump: Iran has no Navy and Air Force.</a></li><li><a href="/technical-analysis/the-kickstart" rel="follow">The USD is lower vs major currencies. In the video, I ake a look at the EURUSD, USDJPY and GBPUSD to kickstart the week</a></li><li><a href="/news/investinglive-european-markets-wrap-oil-holds-higher-regional-yields-push-up" rel="follow">investingLive European markets wrap: Oil holds higher, regional yields push up</a></li></ul><p class="PDq2pG_selectionAnchorContainer">One trading day after Fed Chair Kevin Warsh delivered a more hawkish message at Jackson Hole—sending Treasury yields and the US dollar higher while lifting the probability of a September rate hike back toward 65%—the greenback corrected lower against all the major currencies.</p><p>The USD fell the most against the CAD (-0.31%) and EUR (-0.27%). The declines against the JPY (-0.19%) and CHF (-0.11%) were more modest, while the greenback was little changed against the GBP, AUD and NZD.</p><p>Treasury Secretary Scott Bessent may have given dollar sellers an additional reason to push the greenback lower when he noted that the Federal Reserve traditionally does not raise rates in response to a supply shock. The market-implied probability of a September hike was little changed, but his comment could provide Chair Warsh with some justification to delay tightening. However, monetary policy is decided by the full FOMC, and several Fed officials continue to lean toward a rate increase.</p><p>Bessent also played down concerns about rising Treasury yields, calling the US bond market the most resilient in the world. He noted that the 10-year yield is near where it was when President Trump took office. He added that if investors were genuinely concerned about US debt, they would be selling Treasuries and buying the bonds of other countries—and that is not what the market is showing.</p><p>Despite those comments, US Treasury yields finished higher, led by the longer end of the curve:</p><ul><li> 2-year yield: 4.3478%, down 0.2 basis points</li><li> 5-year yield: 4.5037%, up 2.2 basis points</li><li> 10-year yield: 4.756%, up 3.4 basis points</li><li> 30-year yield: 5.2486%, up 4.1 basis points</li></ul><p>In the foreign exchange market:</p><ul><li> EURUSD rose 0.27% to 1.1615</li><li> USDJPY fell 0.19% to 159.74</li><li> GBPUSD rose 0.07% to 1.3544</li><li> USDCHF fell 0.11% to 0.8083</li><li> USDCAD fell 0.31% to 1.3858</li><li> AUDUSD rose 0.07% to 0.7164</li><li> NZDUSD rose 0.07% to 0.5914</li></ul><p>The broader US stock indices closed mostly lower, although the final declines could have been worse. The Dow was the weakest performer, led by declines in Amazon (-2.50%), Honeywell (-1.79%) and Sherwin-Williams (-1.73%). The Nasdaq 100 bucked the trend and eked out a small gain.</p><ul><li> Dow Industrial Average fell 374.02 points, or 0.70%, to 53,191.33</li><li> S&amp;P 500 fell 25.60 points, or 0.33%, to 7,686.15</li><li> Nasdaq Composite fell 31.53 points, or 0.12%, to 26,370.89</li><li> Russell 2000 fell 15.92 points, or 0.54%, to 2,956.45</li><li> Nasdaq 100 rose 23.55 points, or 0.08%, to 29,456.97</li></ul><p>At the session lows, the Nasdaq Composite was down 152.60 points, while the S&amp;P was lower by 46.69 points. The Nasdaq 100 was down 128.93 points before rebounding to close higher by 23.55 points.</p><p>Some notable winners included:</p><ul><li> Roblox rose 7.16% to $41.29</li><li> CrowdStrike rose 5.77% to $231.00</li><li> Tesla rose 5.51% to $367.95</li><li> SanDisk rose 5.50% to $1,566.70</li><li> Strategy rose 4.42% to $132.94</li></ul><p>Some notable losers included:</p><ul><li> Celsius fell 4.64% to $31.45</li><li> Lyft fell 4.52% to $16.90</li><li> Wynn Resorts fell 4.18% to $91.28</li><li> Alibaba fell 4.10% to $114.02</li><li> Uber fell 4.02% to $75.65</li><li> Shopify fell 3.62% to $147.37</li></ul><p>In other markets, crude oil was the standout as Middle East tensions pushed prices sharply higher. Bessent said oil prices will eventually come down and argued that Operation Outcast will pressure Iran into making a deal. Gold edged lower, while silver and Bitcoin moved higher.</p><ul><li> WTI crude oil rose $2.78, or 3.33%, to $86.18</li><li> Gold fell $6.11, or 0.14%, to $4,447.57</li><li> Silver rose $0.15, or 0.23%, to $66.49</li><li> Bitcoin rose $1,201, or 1.55%, to $78,903</li></ul><p>Overall, it was a day marked by a weaker US dollar, higher long-term yields, sharply higher oil prices and modest pressure on US equities. However, the rebound from the stock market’s intraday lows took some of the sting out of the declines.</p> This article was written by Greg Michalowski at investinglive.com.

<p dir="ltr">A print at or above the 51.0 consensus would reinforce the narrative building since<a href="https://investinglive.com/news/china-factory-activity-beats-forecasts-but-stays-in-contraction-in-august/" rel="follow"> yesterday's NBS beat</a>, that China's export-facing manufacturers are stabilising even as the broader economy struggles. The private survey's greater weighting toward smaller, export-oriented firms makes it a cleaner read on external demand than the state-heavy NBS gauge. A miss back toward 50.5, especially if paired with softer new orders, would sit awkwardly against yesterday's official data and could revive concerns that the improvement is confined to larger, state-linked producers. Given the size of the AUD's exposure to Chinese demand, a clear beat or miss either side of the 50.9 to 51.0 range carries some scope to move sentiment through the session, though the reaction is likely to be modest relative to a genuinely surprising NBS print.</p><p dir="ltr">---</p><p dir="ltr"> China's private manufacturing survey is expected to edge higher today, a day after the official NBS gauge beat forecasts and pointed to a firming, if still contractionary, factory sector.</p><p dir="ltr">Summary:</p><ul dir="ltr"><li>China's official NBS manufacturing PMI rose to 49.8 in August from 49.2 in July, beating the 49.7 consensus, though it marked a second straight month of contraction.</li><li>NBS detail was firmer than the headline: output returned to expansion at 50.4, new orders rebounded to 50.6, and new export orders moved back into expansion at 50.16. Employment stayed weak at 48.7.</li><li>Today's Caixin/RatingDog private survey, due 0145 GMT / 2145 US Eastern time, is forecast to edge up to 51.0 from July's 50.9.</li></ul><p></p><ul dir="ltr"><li>July's private reading had been a four-month low, down from 51.7 in June and below the 51.5 forecast, as output and new order growth slowed.</li><li>New orders in the July private survey extended a 14-month expansion streak on stronger foreign sales, and employment grew at its fastest pace since August 2023.</li><li>The private gauge skews toward smaller, export-oriented firms, while the NBS measure leans toward larger state-owned enterprises, so the two surveys can diverge.</li></ul><p dir="ltr">Main article: China's private sector manufacturing survey is due at 1145 AEST on Tuesday, with economists looking for a modest improvement to 51.0 in August from 50.9 in July, a reading that would keep the index comfortably in expansion territory and extend the run of growth in the Caixin/RatingDog gauge.</p><p dir="ltr">The preview follows Monday's official NBS manufacturing PMI, which rose to 49.8 in August from 49.2 in July, beating the median forecast of 49.7. It was the second consecutive month the official measure has sat below the 50 line separating expansion from contraction, but the underlying detail pointed to a broader firming than the headline figure alone suggested. Output swung back into expansion at 50.4 from 49.9, new orders jumped to 50.6 from 48.5, and new export orders returned to growth at 50.16 from 49.6. Employment remained the weak spot, still contracting at 48.7.</p><p dir="ltr">The private survey tends to tell a different story to the official one, since it draws more heavily on smaller and export-oriented manufacturers, while the NBS panel leans toward larger, state-owned firms. That distinction matters for today's release. July's private reading had already slowed to a four-month low, easing from 51.7 in June and missing the 51.5 forecast at the time, even as new orders extended a 14-month expansion streak on the back of stronger foreign sales and employment grew at its fastest pace since August 2023.</p><p dir="ltr">If today's print matches or beats the 51.0 consensus, it would suggest the export-facing side of Chinese manufacturing, which had already been outperforming, is holding its gains just as the state-heavy side of the sector shows tentative signs of catching up. A weaker outcome, particularly one accompanied by softer new orders, would complicate that picture and raise fresh questions about whether the improvement in yesterday's NBS data can be sustained. Either way, the pairing of the two surveys this week gives traders a fuller picture of the health of China's factory sector than either gauge would offer on its own, at a time when Beijing continues to signal willingness to deploy further stimulus if the broader economy keeps stumbling.</p> This article was written by Eamonn Sheridan at investinglive.com.

<p>Yesterday we had the official PMIs from China:</p><ul><li><a target="_self" class="article-link" href="https://investinglive.com/news/china-factory-activity-beats-forecasts-but-stays-in-contraction-in-august/" style="box-sizing: inherit; font-size-adjust: inherit; font-kerning: inherit; font-feature-settings: inherit; font-language-override: inherit; vertical-align: baseline; border: 0; margin: 0; padding: 0; color: rgba(140, 77, 223, 1); cursor: pointer; text-decoration: underline; transition: 0.3s" rel="follow">China factory activity beats forecasts but stays in contraction in August</a></li><li><a href="https://investinglive.com/news/china-official-august-manufacturing-pmi-expected-49-7-prior-49-2" target="_blank" rel="follow">China official August Manufacturing PMI 49.8 (expected 49.7, prior 49.2)</a></li></ul><p>Today we get the privately surveyed manufacturing PMI from Rating Dog / S&amp;P Global. I'll get a preview of this postd soon.&nbsp;</p><p></p><p></p> This article was written by Eamonn Sheridan at investinglive.com.

<p class="isSelectedEnd">President Trump is set to announce another round of voluntary drug-pricing agreements today involving Bayer, Takeda, CSL and several midsized biotechnology companies.</p><p class="isSelectedEnd">Under the agreements, participating drugmakers are expected to provide “most-favored-nation,” or MFN, pricing on outpatient drugs purchased through state Medicaid programs. Prices would be tied more closely to the lower amounts paid in other developed countries, including Canada, Germany, France, Japan and the United Kingdom.</p><p class="isSelectedEnd">Some companies could also make selected medicines available directly to cash-paying patients through TrumpRx, bypassing insurance companies and pharmacy-benefit managers. In exchange, participating manufacturers could receive protection from pharmaceutical tariffs and potentially other regulatory benefits.</p><p class="isSelectedEnd">The Trump administration has already reached similar agreements with 17 major drugmakers, including Pfizer, Eli Lilly, Merck, Amgen, Johnson &amp; Johnson, Novo Nordisk and AstraZeneca. It estimates the broader initiative could save federal and state Medicaid programs approximately $64.3 billion over 10 years.</p><p class="isSelectedEnd">The immediate benefits, however, appear to be concentrated on Medicaid programs and people buying selected medicines directly with cash. The announcement does not necessarily mean that Medicare beneficiaries or privately insured consumers will immediately pay less.</p><p>For the drug companies, the near-term earnings impact should be manageable because Medicaid represents only part of the U.S. market and companies already give rebates for their drugs to Medicaid recipients.&nbsp; However, tariff relief helps offset some of the reduced pricing (Yes...tariffs raise prices). The larger earnings risk would come if MFN pricing were eventually expanded across Medicare and private insurance.</p><p>Other comments from Trump:</p><ul><li>Warsh will do what he has to do; interest rates are too high</li><li>Iran strikes will be limited.</li><li>Hormuz is in extremely good shape</li><li>A lot oil coming out of Hormuz</li><li>Averaging 30 ships a night out of Hormuz</li></ul> This article was written by Greg Michalowski at investinglive.com.

<p>Treas Sec Bessent on CNBC:</p><ul><li>Oil prices will come down. </li><li>Pres. has been saying Iran is not ready to make a deal.</li><li>Operation outcast will make Iran&nbsp; make a deal</li><li>The bond market is most resilient in the world</li><li>Had a robust meeting with PBOC chief last night</li><li>If there were a problem with the US bonds, people would be selling our bonds and buying others. We are the best performing bond market.&nbsp;</li><li>Regarding US bond market don't believe I can change equilibrium price.</li><li>The 10 year yield is at levels when the Pres. took office.&nbsp;&nbsp;</li><li>Meeting with Canadian counterpart. We are not in war with Canada. </li><li>Canada was offered the best trade deal than any country in the world.</li><li>Carney is not doing what's best for Canadian people </li><li>Does not want to speculate on what Fed chair will do.&nbsp;</li><li>Traditionally, the Fed does not raise rates into a supply shock</li><li>Believes that Japanese government and the Bank of Japan are to do things that lead to a JPY rise</li><li>JPY market is pricing in expectations now.</li></ul><p>The USD is ticking a little lower. The comment that the Fed does not&nbsp;traditionally raise rates into a supply shock may be the catalyst (although there is no change in the change for a rate hike in September)&nbsp; Bessent and Warsh took the same plane to the G20. Bessent quipped that they talked about tennis, but this comment is an excuse for Chair Warsh to put off tightening. However, the vote is by committee and there are a number of Fed officials who are talking hike.&nbsp;&nbsp;</p><p></p><p></p> This article was written by Greg Michalowski at investinglive.com.

<p>Bessent at the G20:</p><ul><li>Iran is taking sanctions seriously</li><li>Iran is lashing out kinetically because they are losing economically</li><li>We will continue to exert pressure</li><li> Iran's economy doesn't have to collapse just needs to come to its senses </li><li>Real wages are growing</li><li>Only way to get out of debt is to grow our way out of debt.</li></ul><p>Seems like he is given up on cutting costs to cut the deficit. It is giving up on lowering rates that would help the deficit, and going all in on the economy holding up in the face of higher oil prices, higher inflation.&nbsp;</p> This article was written by Greg Michalowski at investinglive.com.