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September 23, 2026
Euro traded at 1.1391 against USD at 9:00 AM PST
The euro area private sector expanded at its fastest pace since April 2023, driven by solid growth in both the services and manufacturing sectors. The flash composite output index advanced from 52.0 in August to 53.1 in September. The score was 51.7, which suggested a monthly growth in activity for the third time straight and one that was the fastest in nearly three-and-a-half years. Both the manufacturing and services sectors reported faster growth in September. The flash services Purchasing Managers' Index (PMI) rose from 51.6 to 53.0, a 10-month high. At the same time, the factory PMI remained unchanged at 52.7.
New orders grew the most since May 2022, underpinned by a further rise in export business. Sustained increases in new orders resulted in an accumulation of backlogs of work. Meanwhile, the rate of job creation remained muted as confidence in the year-ahead outlook eased to a three-month low. Regarding prices, inflationary pressures intensified in September. Both input and output prices rose at the sharpest rate in four months.
France's private sector activity returned to growth in September and marked the fastest expansion in over two years. The headline composite output index posted 51.2 in September, up from 48.5 in August. The services PMI hit a 10-month high of 51.4 compared to 48.0 in August. Meanwhile, the factory PMI dropped from 51.1 to 50.3.
Germany's private sector expanded at the fastest pace in 11 months in September, reflecting a renewed increase in activity across the service sector. The composite output index climbed from 51.8 to 53.8 in August. The services PMI reached a 7-month high at 52.9 from 49.7 in the previous month. The factory PMI dropped from 54.3 to 53.8. 09/23/2026 - 06:30:00 (RTTNews)
British Pounds traded at 1.3251 against USD at 9:00 AM PST
The UK private sector growth moderated to a three-month low in September, reflecting a loss of momentum in manufacturing and service sectors. The headline composite output index fell from 52.5 in August to 51.7 in September. This was the lowest since June. Service providers cited subdued domestic economic conditions and ongoing geopolitical uncertainty as factors constraining activity growth. Manufacturers reported weak consumer demand as a growth headwind. The services Purchasing Managers' Index (PMI) declined from 52.5 in August to 51.7 in September. The manufacturing PMI posted 52.0, up from 51.7 in August.
Total new work across the private sector economy dropped fractionally in September, mostly reflecting a renewed downturn in new business volumes at service sector companies. There was a moderate fall in export sales. Employment numbers dropped in September, which marked two years of continuous job losses. There was a steep and accelerated increase in average cost burdens at private sector companies, with the rate of inflation hitting a three-month high. The increase was largely driven by higher fuel prices.
Despite rising inflationary pressures and weaker demand patterns, overall business optimism was unchanged from August's six-month high. 09/23/2026 - 07:44:00 (RTTNews)
Hong Kong's consumer price inflation held steady in August after easing in the previous month. The Consumer Price Index (CPI) climbed 1.7% year-over-year in August, the same as in July. Netting out the effects of all governments' one-off relief measures, the underlying inflation rate also stayed unchanged at 1.9%. Inflation based on transportation softened from 5.0% to 3.9%, while utility charges grew at a faster pace of 11.5% versus a 10.8% rise in July. Clothing and footwear prices remained flat, while food inflation rose slightly from 0.5% to 0.6%. On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3 months ending in August was 0.2%. 09/23/2026 - 10:01:00 (RTTNews)
Singapore's consumer price inflation accelerated for the third month straight in August to the highest level in just over two years. The Consumer Price Index (CPI) climbed 2.3% year-over-year in August, slightly faster than the 2.2% rise in July. Further, this was the highest inflation rate since July 2024, when prices had risen 2.5%.
MAS core inflation also climbed from 2.0% in July to 2.2% in August, led by higher costs for services, retail, and other goods and food. Services inflation rose from 1.7% to 2.0% due to increased airfare along with point-to-point transport services. Retail and other goods inflation increased from 1.4% to 1.8% amid rising costs for clothing and footwear and personal care products. Food inflation edged higher from 2.2% to 2.3%. On the other hand, private transport inflation eased from 8.0% to 7.5% due to a smaller increase in car prices. 09/23/2026 - 05:24:00 (RTTNews)
This market update is prepared by Cathay Bank for informational purposes only and does not constitute any form of legal, tax or investment advice, nor should it be considered an assurance or guarantee of future exchange rate movements or trends. This information is provided without regard to the specific objectives, financial situations or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.
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