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On tap today: September ISM.........>

US DATA PREVIEW
US DATA PREVIEW: On tap today: September ISM (60.0) and Construction Spending
(0.5%).
- TD Securities  economists said the ISM data "will be interesting to watch for
signs of weakness following the Trump administration's implementation of $200bn
in additional tariffs on Chinese imports. While the report has yet to reflect
outright weakness due to tariffs, many companies had noted that tariffs remain a
key source of concern."
- Nomura economists estimate a "modest 2.3pp decline in the ISM manufacturing
index to 59.0 in September considering heightened trade concerns and ongoing
capacity constraints."

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