A day of PMI readings - ANZ

Analysts at ANZ explained that the US September manufacturing ISM jumped to 60.8 vs 58.8, the highest reading since May 2004. 

Key Quotes:

"New orders surged to 64.6 (60.3), production rose to 62.2 (61.0), inventories fell to 52.5 (55.5) and prices paid rose to 71.5 (62.0). There will be some post-hurricane effect in the data, but it does suggest activity remains robust, consistent with the Fed's view of above-trend activity and the appropriateness of normalising rates. 

The final September EA PMI reading was 58.1, down from the preliminary 58.2. The manufacturing PMI was 0.6% firmer in Q3 overall, implying momentum in the upswing gathered pace. 

The UK September PMI fell to 55.9 vs 56.7, implying a slowdown in manufacturing in Q3 vs Q2. On average, the index was 0.7% lower during the quarter. 

The index is still above the average for the past three years (53.2), which has seen a lot of political uncertainty (Scotland to Brexit). So it’s not a bad reading and is just below the post-Brexit, GBP devaluation high of 57.2."