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French S&P Global Composite PMI Flash (Sep) 51.2 (Prev. 48.5)

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German S&P Global Composite PMI Flash (Sep) 53.8 vs. Exp. 51.8 (Prev. 51.8)

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French S&P Global Composite PMI Flash (Sep) 51.2 (Prev. 48.5)

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General Motors (GM) remains "very much on track with our higher range" as it approaches the end of Q3; no trigger for stopping repurchases and remains committed to buybacks while its FCF yield stays attractive and the stock trades at a low multiple

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"The French economy displayed surprising resilience in September, although the durability of this expansion is questionable given new orders barely rose and firms' own expectations for activity deteriorated." "Nevertheless, these data reinforce the narrative that European economies are weathering the warinduced inflation shock well." "The pick-up in the PMI price measures seen in September should however be watched closely, particularly as we approach the winter months, as the risk of energy price inflation spreading to other areas of the economy undoubtedly rises."

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