SOUTH AFRICA: Kganyago Touts Positive Mkt Reaction To Lower Implicit CPI Target

• SFIG6 96.30/96.40/96.50/96.60c condor, bought for 1.75 in 4k.
• SFIH6 96.35/96.45/96.50/96.55c condor bought for 1.25 in 4k, this was also bought yesterday for 1 in 4k.
• SFIH6 96.30/96.40/96.50/96.60c condor, bought for 1.75 in 2k.

The Spanish Manufacturing PMI notably underperformed in September, coming in at 51.5 (53.8 cons; 54.3 August) in its first decline from the prior since April. This marks a three month low: "Weaker gains in both output and new orders signalled", the release concludes. Key highlights below:

• "Weaker gains in both output and new orders. Notably, the rise in production was the softest for four
  months. Despite weakening, new order book growth remained solid amid reports of firm demand and new product introductions."
• "However, growth was broadly confined to domestic clients as latest data showed a decline in new export orders for the first time in three months. Tariffs and political uncertainty in key markets reportedly restricted export demand."
• "Some instability in the outlook meanwhile weighed on company expectations. Although on average firms are forecasting an improvement in production from present levels, confidence was down on August’s six-month high. An uncertain outlook and slower growth in current new orders meant several firms chose not to replace leavers and renew employee contracts in September. The result was a modest decline in staffing levels for the first time in seven months.

• MNI: SPAIN SEP MANUF PMI 51.5 (53.8 FCAST, 54.3 AUG)