Glencore has secured a $500m commitment from the US Export-Import Bank.

S&P Global said on Wednesday its preliminary US composite PMI rose to 58.4 in September from 56.0 in August, the strongest reading since July 2021, driven by a surge in new orders and broad gains in both services and manufacturing. S&P said the PMI is consistent with roughly 5% annualized GDP growth. Backlogs and supply delays jumped sharply, indicating capacity shortfalls and pushing prices higher. S&P Global Market Intelligence chief commercial economist Chris Williamson said both sectors are clearly strong but, excluding pandemic distortions, the expansion is occurring alongside one of the most severe supply-chain bottlenecks in nearly 20 years. S&P added that supply constraints have been largely linked to the US and Israel campaign against Iran, now in its seventh month.

Fed Governor BARR said further rate hikes may be needed to ensure a timely return to the 2% inf target.