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GLOBAL: Improving Global IP Momentum, PMIs & Metals Contradictory On Outlook

GLOBAL

Global IP growth has gradually trended higher since the end of 2022 and the CPB measure maintained that in August. It rose 0.4% m/m to be up 1.8% y/y after 1.9% in July but 3-month momentum picked up to 2.6% annualised, its highest in almost a year. However the JP Morgan global manufacturing PMI fell to 48.8 in September, the lowest since October 2023, and preliminary October PMIs showed the sector continuing to contract across the G3.

Global IP outlook 

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Global IP growth has gradually trended higher since the end of 2022 and the CPB measure maintained that in August. It rose 0.4% m/m to be up 1.8% y/y after 1.9% in July but 3-month momentum picked up to 2.6% annualised, its highest in almost a year. However the JP Morgan global manufacturing PMI fell to 48.8 in September, the lowest since October 2023, and preliminary October PMIs showed the sector continuing to contract across the G3.

Global IP outlook 

Keep reading...Show less