Economic wrap: markets await U.S. manufacturing - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"US personal income fell from 0.4% to 0.2% (as expected) in August, but spending fell from 0.4% to 0.0% (vs 0.1% expected), the latter poised to post a sharp fall in Q3 overall. The core PCE deflator rose from1.6% to 1.7% yoy (as expected). Consumer confidence (Michigan Univ.) rose from 89.8 to 91.2 (vs 90.0 expected). Boosters include low fuel prices, and stock market and house price gains, although the November election is a headwind. Chicago PMI rose from 51.5 to 54.2 (vs 52.0 expected).

China’s manufacturing PMI was unchanged at 50.4 (vs 50.5 expected). The Chinese renminbi was included in the IMF’s SDR basket of currencies, with a weighting of 10.9%.

Economic Event Risks Today

Data releases are low key ahead of the US manufacturing survey (ISM) tonight."