Daily Credit SnapshotMarket Commentary

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OCBC Research09/04/2026updated 10/17/2026

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Core conclusion · Tlines extraction

The Sep 4 2026 Daily Credit Snapshot from OCBC Research reviews resilient US services data, rising jobless claims, and the quiet credit market. It highlights persistent services-sector price pressure, challenges in the employment outlook, and the negligible trading flows in credit indices.

Institution: OCBC Research
Published: 09/04/2026
Research topic: Not explicitly stated
Time horizon: Not explicitly stated

Key arguments

US services PMIs rose strongly but with elevated price pressures
US job market shows subdued hiring and mixed signals
Credit spreads traded flat, with no notable new issuance flows

Key numbers

S&P Global US Services PMI: 56.5 in August, from 54.6
ISM Services Index: 55.4, from 54.1
ISM Services Employment Index: 47.8
ISM Services Prices Paid Index: 72.6, from 70.3
Challenger job cuts August: 52,881, up 58% from July
Initial jobless claims (week ending 29 Aug): 206k, up 1%
Continuing jobless claims (week ending 22 Aug): 1.78mn, up 0.5%
Brent crude spot: USD95.5/bbl

Main risks

Services-sector cost pressures may persist and feed into inflation
Subdued hiring activity could weigh on employment growth
Uncertainty ahead of August employment report
Geopolitical tensions could drive oil prices higher

Corresponding source evidence

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