November 2 — Phil Smith of S&P Global Market Intelligence said that although output growth and new orders have eased, Japan's manufacturing sector maintained a relatively steady pace of expansion at the start of the fourth quarter. The October S&P Global Manufacturing PMI composite index fell to a seven-month low of 53.3, still well above its long-term average of 50.6 and the 50 threshold separating expansion from contraction. Smith noted that business confidence remains firm, supported by growing order backlogs and AI-related demand. Although elevated cost pressures continue to weigh on sentiment, manufacturers are still demonstrating strong pricing power as unfinished orders mount.