The US Federal Reserve cut rates 50 bps to 4.75%-5.00%
Energy prices decline 3.2% in August as crude oil prices inch down
Manufacturing activity is contracting in most major global economies (the US, the Eurozone, Japan and China) as indicated by Purchasing Managers' Index (PMI) readings falling below the 50.0 threshold.
Reflecting this, the JP Morgan Global Manufacturing PMI, which tracks 31 economies, recorded a decrease in global manufacturing production in August for the first instance in 2024. The United Kingdom (UK), which is seeing a sustained manufacturing activity revival, remained an outlier.
On the other hand, services activity continued to hold up, with all major economies indicating expansion.
