Stay in the loop with our weekly updates. A quick global event summary from our portfolio managers for informed conversations with clients.

Issue 261 | 29th September, 2025

UK

• The Society of Motor Manufacturers and Traders (SMMT) reported that combined UK vehicle production declined 18.2% in August to 38,693 units, the weakest performance since 1956. The SMMT stated it illustrates “the challenging environment facing UK automotive manufacturers, with soft conditions in the sector’s largest market, the EU, significant cost pressures, model transitions and slow economic growth.”

North America

• The US core personal consumption expenditures (PCE) price index – which excludes food and energy costs and is the Fed’s preferred measure of inflation – showed a 0.2% rise in prices from the prior month, in line with estimates and the revised reading for July. On a year-on-year basis, the index increased 2.9%, also in line with July. Personal spending and income both rose slightly higher than expected at 0.6% and 0.4%, respectively.
   
• The Bureau for Economic Analysis (BEA) released its third estimate of US gross domestic product (GDP) growth for the second quarter, indicating that the economy expanded at an annual rate of 3.8%, up from the prior estimate of 3.3%. Higher consumer spending was the primary driver of the upward revision.
   
• Revisions to the University of Michigan's US consumer sentiment index confirmed the decline seen in the preliminary reading. Sentiment edged slightly lower from 55.4 to 55.1 in the final reading, down from consensus expectations. The downward revision was concentrated in consumers being more pessimistic in their assessment of current economic conditions.
   
• S&P Global reported that its Flash US Manufacturing Purchasing Managers’ Index (PMI) reading for September was 52.0, a decline from August’s reading of 53.0 but slightly ahead of consensus estimates for around 51.9. Their services PMI also fell, reporting a reading of 53.9, compared to 54.5 in August, in line with expectations.

Europe

• The Hamburg Commercial Bank (HCOB) Flash Eurozone Composite PMI Output Index increased to a 16-month high of 51.2 in September from 51.0 in August. Of note was services activity which expanded at the fastest pace this year. Recent surveys showed that most companies remained optimistic that output will keep expanding over the near term, although weaker confidence in the manufacturing sector may detract from this.

Sources: Bloomberg, Reuters, Yahoo Finance, The Guardian, Proactive Investors, BBC, Oxford Economics 

We have a variety of different options of market updates for you to choose from, including a monthly summary of global events from the previous month, sent direct to your inbox, quarterly CIO Outlook, and a short, 10-minute monthly webinar, presented live by our investment team, in an easy-to-understand way giving you the insights and sound bites you need to share with your clients.

Sign up to as many as you like on our Market Updates page.