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The preliminary US S&P Global Composite PMI for August recorded 55.4, hitting an 8-month high, leading traders to reduce bets on the Fed cutting interest rates twice this year. This news is bullish for US manufacturing.
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The number of initial jobless claims in the U.S. increased by 11,000 to 235,000 on a seasonally adjusted basis last week, marking the largest increase since the end of May; continuing claims rose by 30,000 to 1.972 million, the highest level since November 2021. This news is bearish for the U.S. dollar.
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The US and the EU have formally finalized the framework of a trade agreement, with the US imposing a maximum tariff rate of 15% on most EU goods, including automobiles. This news is bullish for automotive manufacturing concept stocks.
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