After reading today's preliminary PMI data, there's a sense of 'high cost, low confidence': year-end data still shows expansion, but the magnitude is significantly weaker than previous months.

The composite, services, and manufacturing indices have all dropped to recent lows, especially the employment index decline, suggesting companies are becoming more conservative in hiring towards year-end.

Meanwhile, price data surged, indicating cost pressures are clearly reflected on corporate balance sheets.

Macro-wise, this combination affects both rate cut expectations and liquidity conditions.