US September composite PMI rises to 58.4, spot gold falls below $4300

The initial value of the US September composite PMI output rose to 58.4, reaching a new high since July 2021, as manufacturing and service sector activity expanded. The new order index rose to 58.2, the enterprise input procurement price index rose to 66.4, and supply chain delays pushed up enterprise costs. After the data was released, spot gold fell below $4300, the US dollar index rose above $101, and the 10-year US Treasury yield returned above 5%. The Federal Reserve raised its benchmark interest rate by 25 basis points last week to 3.75% to 4.00%. (Source: S&P Global)