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United States
US business activity accelerated sharply, with manufacturing hitting a 52-month high and services posting one of their strongest expansions in the survey’s history.
Rates
US Treasury yields surged across the curve, …
… as strong PMI data and rising oil prices fueled bets on further Fed tightening.
Canada
Population growth slowed to 0.5% in the year through July 1—the weakest pace since World War I—as government restrictions on immigration curbed the influx of international students and temporary foreign workers, a deliberate cooling from post-pandemic growth.
Euro Area
The flash PMIs for the euro area indicate resilient manufacturing activity, while services activity jumped.
Japan
The 10-year JGB yield surged to the highest level since September 1996.
China
Exporters appear to be rushing goods out ahead of tariff uncertainty and this week’s Trump-Xi summit, with a record 7.3 million containers passing through Chinese ports in the week through September 20.
Equities
US equity analysts turned net negative on corporate earnings for the first time in 23 weeks, ending the longest upgrade streak since 2021, amid concerns that persistent inflation and higher interest rates are squeezing consumer, materials, and financial sector profits.
Energy
The spot Brent premium over WTI jumped.
Please include a Food for Thought in every daily briefing. It’s welcomed and entertaining.