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Analysts at TD Securities note that the Chicago PMI surprised to the downside in September in the US session, dropping back below the 50 mark to 47.1 (mkt: 50.0) and partly undoing the strong 6pt jump to 50.4 in August.

Key Quotes

“Most details in the report were disappointing and were largely reflected in the ISM-adjusted index, which fell to 46.2 from 48.7 in August. Although the survey has been giving contradictory signals in prior months, the September report does not bode well for the ISM manufacturing survey, which we project to rebound to 50.8 in September from 49.1 before.”