EU CONSUMER STAPLES: Heineken: Moody's affirms, stable outlook

• MNI: US ISM SEP MANUF PURCHASING MANAGERS INDEX 49.1
• US ISM SEP MANUF PRICES PAID INDEX 61.9

• 5,000 SFRX5 96.75/97.00 1x2 call spds, 0.0 net ref 96.36 at 0951:02ET

The final September manufacturing PMI reading was unchanged from the flash report at 52.0 (53.0 prior). The initial reading had been in line with consensus and both suggest a manufacturing sector in modest if slightly weaker expansion in the month, alongside elevated if somewhat softening price pressures. The sustained +50 readings have been cited by some analysts as reason for optimism on upcoming ISM reports (which have been lagging PMI readings for several months).

• From the S&P Global report: "The latest survey showed a weaker gain in production, whilst new order book growth softened as tariffs continued to weigh on exports. Tariffs and broader policy uncertainty also dampened firms’ assessment of the business outlook, but expectations of manufacturing production reshoring and hopes of better demand in the year ahead meant sentiment remained positive overall."
• On inflation: "Cost pressures meanwhile were again elevated, with tariffs reportedly the dominant factor pushing up overall purchase prices. Whilst firms sought to pass on higher supplier costs to clients, competitive pressures and signs of faltering demand meant output charge inflation softened to an eight-month low."
• The final September services / composite readings are out Friday.