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Daily Update — September 10, 2026

July Purchasing Managers’ Index; Naphtha's New Reality; and Europe’s AI Trade Story

Today is Thursday, September 10, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.

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Economy

PMI Pulse: July's Data Wrap

 

Global economic growth hit a five-month high in July, with the Purchasing Managers’ Index signaling GDP growth close to its long-run trend. Manufacturing continued to outperform services as technology output and machinery production accelerated sharply amid AI- and defense-related demand. However, the recent boost from precautionary stockbuilding faded.

 

Consumer services also recovered as lower oil prices and reduced geopolitical uncertainty supported spending, keeping inflation pressures elevated in many economies. Globally, growth in the advanced economies — led by the US — was faster compared with emerging markets.

Global Trade

Listen: Naphtha's post-Hormuz reality: tight supply, wide arbs and a bullish gasoline pull

 

Middle East export disruptions, soaring gasoline demand and shifting trade flows have reshaped global naphtha markets over the past six months. In this episode of the “Oil Markets” podcast, S&P Global Energy Senior Price Reporter Barbara Fernandez-Pita joined host Gary Clark to discuss what prompted the multiyear highs in gasoline blending demand for naphtha and the widening East-West arbitrage. They also explored propane's growing advantage over naphtha at the steam crackers and the Rhine logistics issues disrupting Europe's petrochemical sector.

Artificial Intelligence

Economic Research: Europe Is Writing Its Own AI Trade Story

 

AI is transforming the global economy amid a widely accepted narrative that the US drives investment in AI infrastructure, Asia supplies AI-enabling goods and Europe is a bystander. But, contrary to this belief, Europe has a €572 billion trade footprint that tells a more complex story, according to S&P Global Ratings. The region is reshaping its role within the AI boom to become a specialized provider of intermediate goods.

 

In this report, S&P Global Ratings examined Europe’s position in the global trade of AI-enabling goods, testing if the prevailing narrative holds true or if there are grounds to reconsider Europe’s role in the AI ecosystem.

In case you missed it

  • Brazil's civil aviation regulator opened a public consultation for the monitoring and compliance rules of its mandatory sustainable aviation fuel program, with less than four months before the first emissions reduction targets take effect.
  • The US Commerce Department increased antidumping duty rates for Indian shrimp to 7.01% on Sept. 4 from the May 4 preliminary rate of 4.04%.
  • The upcoming application of the EU Deforestation Regulation could increase EU demand for US soybean meal, sources told Platts, part of S&P Global Energy.

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