Chart of the Month: September 2025

Amid tariff tensions and global uncertainty, macroeconomic data is beginning to shift. Globally, composite PMI data shows positive momentum, pointing to possible easing in downside risks to economic growth. Meanwhile, central bank policy divergence is becoming increasingly pronounced with the ECB and BoE on hold having front-loaded cuts earlier in the year, while the Fed has signalled its openness to further cuts.

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