Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Global new orders tentatively eased to -0.62 (from -0.59), the lowest since May 2013, driven mainly by China. Global inventories rose for the first time in four months. Consequently, forward-looking new orders less finished goods inventories declined in September to -0.59 (from -0.48).
In terms of the regional details, China's performance continued to worsen. The 'flash' manufacturing PMI came in at a 78-month low of 47.0, led by a fall in the output sub-index to a six-and-a-half year low. New orders also fell to a multi-year low of 46.0 (from 46.6 in August), signaling weak demand-both domestic and overseas. Inventories, meanwhile, increased slightly in September, such that the gap between new orders and inventories fell by 2.7 points to -6.8. The disappointing PMI print is consistent with our downward revision of Chinese growth for this year.
"In the US, 'flash' manufacturing PMI for September came in flat at 53.0, albeit slightly above market expectations. In terms of the sub-indices, new orders slipped slightly and destocking increased. Our forward-looking new orders less inventories index ticked up marginally to 5.6 (from 5.4 in August). Overall, the preliminary PMI reading for September suggests little change in manufacturing conditions in Q3",says Barclays.
In the euro area, the 'flash' composite PMIs inched lower in September in line with expectations, driven by both the manufacturing and services sectors. The headline 'flash' manufacturing PMI for the region eased by 0.4 points to 52.0 in September, led by the output sub-index. However, on the positive side, new orders maintained a steady momentum. On a country-wise basis, France's preliminary manufacturing PMI rebounded from August to move into the expansion territory in September (above-50 print), while manufacturing confidence in Germany ('flash' PMI) consolidated somewhat. On balance, the euro area manufacturing PMI remains above its 5-year average and points to a fair amount of resilience of the region to global growth woes
