EUROPEAN INFLATION: Unrounded 2dp Eurozone HICP

(MNI) London - China's President Xi Jinping has been speaking at the Shanghai Cooperation Organisation (SCO)'s leaders' summit in Tianjin, China, with Reuters reporting comments. Covering a wide range of geopolitical topics, Xi says the status of the United Nations must be safeguarded, and that the global governance system must be reformed and improved, with enhanced practical cooperation to prevent fragmentation. Xi: "Eighty years ago, the international community learned profound lessons from two world wars...[a] Cold War mentality, hegemonism and protectionism continue to haunt the world."

• XI: "New threats and challenges are increasing...[the] world is in a new period of turbulence and transformation." Xi proposes a 'global governance initiative', saying that all countries are equal participants and beneficiaries. Says this will promote 'greater democracy' and the voice of developing countries in international relations. Says "The house rules of a few countries should not be imposed on others".
• Xi: The SCO has become the catalyst of the global governance system...should continue to uphold the principle of non-alliance [and] non-confrontation...should build a community of common security in the region...we should seek integration, not decoupling.
• Xi says countries should 'act to defend international fairness and justice', and "continue to unequivocally oppose power politics." Says the SCO 'stands as a pillar in promoting [a] multipolar world."

X5E (19th Sep vs 17th Oct) 5000/4900/4800p fly, bought the Oct for 1.9 and 1.8 in 6k.

The Eurozone final August manufacturing PMI release was revised higher to further confirm a 38-month high. Despite a string of improvements it is still only just above the 50 breakeven line, although has closed a sizeable gap to services (ahead of Wednesday's revisions for the latter). Latest manufacturing improvements were seen across the board although Germany continues to lag France and Italy modestly, whilst Spain is an even clearer outperformer. 

• The Eurozone manufacturing PMI was revised up to 50.7 in the final August release (prelim 50.5) to extend the increase to what was its first above-50 (i.e. expansionary) reading in the three-year lookback for publicly available data and a 38-month high per the press release.
• Within that, factory output was revised up from 52.3 to 52.5, a solid improvement from the 50.6 in July for still a 41-month high.
• The press release also confirmed that “eurozone manufacturers saw operating expenses increase for the first time in five months, although the uptick was only marginal.” However, prices “charged were discounted fractionally.”
• Germany was revised down a tenth to 49.8 (prelim 49.9) to trim an increase from 49.1 in July, with the EZ upward revision itself helped by a larger than first thought bounce in France to 50.4 (prelim 49.9) from 48.2.  
• Our rough calculations also point to stronger than first implied manufacturing readings elsewhere, with our Eurozone ex Germany & France estimate revised up to 51.6 (prelim 51.2) after 51.0 in July.
• As we noted earlier, today’s first details for Spain were particularly robust at 54.3 (cons 52.1) after 51.9 for just shy of cycle highs of 54.5 in Oct 2024. Italy meanwhile increased to 50.4 after 49.8.