India Services PMI Hits 55.2 in September as Thailand Inflation Surges to 2.82%

India's services sector expanded solidly in September, with the HSBC Services PMI reading at 55.2, above the previous month's 54.1 but slightly below the forecast of 55.8. The broader HSBC Composite PMI covering both manufacturing and services came in at 55.9, again topping August's 54.3 reading while missing the 56.5 forecast, signaling continued but moderating momentum in Asia's third-largest economy.

Thailand reported a sharper-than-expected jump in consumer price inflation to 2.82% in September, a reading that rattled bond markets. The U.S. long-duration Treasury ETF TLT fell to a 52-week low of 77.11, down 0.48% on the day and nearly 2% on the week, as the Thai inflation print added to global rate-cut skepticism.

In Europe, French industrial production contracted 0.3% month-over-month in September, missing the 0.2% growth forecast and following a revised 0.4% decline the prior month. Market commentary highlighted a collapse in German factory orders alongside debate over whether the ECB should pause its quantitative tightening program, while France and Germany were reported to be pushing for rapid EU trade defense measures. The Fed was also said to be reviewing concerns around the private credit market.