Q4 LOOKS MORE VOLATILE IN THE UNITED STATES 2/3

Leading indicators confirm an accelerated deceleration in activity. The Richmond Manufacturing Index fell steeply to -17 in September, indicating significant contraction in the industrial base. Concurrently, the ISM Manufacturing Index remains below 50 (at 49.1), validating reduced future output expectations and persistent shrinkage. This trend signals that external uncertainties are now converting into measurable reductions in actual business activity across the industrial landscape.