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According to analysts at Nomura US manufacturer sentiment in likely remained elevated considering strong domestic demand, but they forecast a modest 2.3pp decline in the ISM manufacturing index to 59.0 in September considering heightened trade concerns and ongoing capacity constraints.

Key Quotes

“Early incoming regional surveys for September have been mixed so far. These surveys likely did not include the potential impact from the imposition of 10% tariffs on $200bn imports from China effective 24 September. These US tariffs which target a broad range of intermediary goods will likely impact supply chains.”