United States : The latest U.S. data suggest that economic momentum is beginning to soften, with manufacturing activity easing, the labor market showing early signs of stagnation, and inflationary pressures starting to moderate. The S&P Global U.S. Manufacturing Purchasing Manager Index (PMI) slipped to 52.0 in September 2025. In contrast, the S&P Global U.S. Services PMI edged slightly lower to 54.2 from 54.5 points.  Meanwhile, the labor market showed incipient signs of cooling. With official employment data unavailable due to the U.S. government shutdown, initial jobless claims served as a key proxy falling to 215,000 from an estimated 234,000 last week. On the inflation front, OpenBrand’s proxy Consumer Price Index (CPI), a private measure used in the absence of official data showed durable and personal goods prices rising 0.58% month-on-month in September, with moderate price gains also seen in large household goods. Taken together, these indicators reinforce expectations that the Federal Reserve may cut interest rates at its October 28–29 meeting. Eurozone :  The Eurozone economy steadied through late Q3, showing signs of resilience despite lingering external and price pressures. The HCOB Composite PMI rose to 51.2 points in September, marking a 16-month high with manufacturing back in expansion and services growth firming. Consumer confidence improved marginally to –14.9, hinting at stabilising sentiment, while retail volumes ticked up 0.1%  year-on-year (YoY) after two monthly declines. Inflation edged to 2.2% (YoY), driven by firmer services and smaller energy declines, keeping core steady at 2.3%. Growth remains modest but supported by real wage gains and steady labour markets, with Gross Domestic Product (GDP) on track for ~1.2% (YoY) in 2025. The European Central Bank (ECB) held its policy rate at 2%, maintaining a patient stance as inflation nears target and domestic demand anchors a fragile yet stabilising recovery path. China:  The latest data suggest that China’s economy remains under pressure from weak domestic demand and a deepening property downturn, though signs of resilience persist in industrial activity and employment. China’s headline GDP growth slowed to 4.8% (YoY), weighed down by a prolonged property slump and escalating trade tensions with the United States, alongside continued softness in domestic spending. Retail sales, a key indicator of household consumption, grew at their slowest pace since November 2024, rising only 3.0% (YoY) in September, down from 3.4% in August. Similarly, new home prices fell at their fastest pace in 11 months, declining 0.4% (YoY). However, there were some encouraging signs on the production and labor fronts. Industrial output expanded 6.5% (YoY) in September, official manufacturing PMI, also inched up to 49.8 points. Meanwhile, the urban unemployment rate edged down to 5.2% (YoY), 0.1 percentage point lower than in August, indicating that labor market conditions remained broadly stable despite macroeconomic headwinds. Indonesia : The latest data indicate that Indonesia’s economic momentum softened in the third quarter of 2025, as the effects of earlier front-loading activity fade and external conditions become less supportive. However, OECD raised its 2025 growth forecast for Indonesia to 4.9% (YoY), up from its June projection, citing expectations of a rebound in public investment and the continued impact of monetary policy easing by Bank Indonesia. However, recent high-frequency data point to a more moderate pace of expansion. The S&P Global Indonesia Manufacturing PMI slipped slightly to 50.4 in September, from 51.5 in August. Domestic demand showed resilience, with the retail sales index expanding 5.8% (YoY), accelerating from 3.5% in August a reflection of sustained household spending. This coincided with annual inflation rising to 2.65% (YoY), the highest level so far this year and coming closer to Central Bank’s target. However, this was tempered by a decline in consumer confidence, households became more cautious as the Consumer Confidence Index declined by 5.2 points month-on-month (MoM) on September. On the external front, the picture was mixed. Indonesia’s trade surplus widened to USD 5.49 billion in August. Yet, foreign exchange reserves fell to USD 148.7 billion at end-September, down from USD 150.7 billion in August, as Bank Indonesia intervened to stabilize the rupiah amid global market volatility and government debt repayments. Meanwhile, fiscal performance remained subdued. State expenditure contracted by 0.8% (YoY), while state revenue reached IDR 1,863.3 trillion, down 7.2% compared to the same period last year, indicating a slower fiscal push. Amid persistent external headwinds, Bank Indonesia maintained its accommodative monetary stance by keeping the policy rate unchanged at 4.75% this month. Analysts expect the benchmark rate to remain at this level through the end of the year, as the central bank seeks to balance its pro-growth policy stance with efforts to preserve rupiah stability and safeguard overall macroeconomic resilience.