Morning Economic Report 9-24-25

APAC showed the way by opening quietly and defensive as Japan posted a poor Sep Manufacturing PMI of 48.4 v 49.7 in Aug, output was the lowest in 6 months and caution prevails due to uncertain global climate, Services PMI remains firm which is why the poor Manufacturing saw small reaction in the Nikkei. Inflation once again makes copy as Australia CPI accelerated to 3%. This ties in with FED Powells warning on inflation, but counter-warning on job market means his speech is viewed as neutral. US PCE this week is becoming even more important. German IFO surveys were soft, Business Climate, Current Assessment and Expectations all came in under their calls leading to the dip in Euro bourses. DAX -0.18%, CAC -0.33%, FTSE -0.01%, Euro STOXX600 -0.31%. Little in currencies, data not enough to move pairings much with USD a little firmer due to Powell remaining guarded.