DAVY VIEW

This morning’s Irish Services PMI at 54.5 in September is the weakest reading since January, but still points to a solid pace of growth and compares favourably to the flash euro area (48.4) and UK (47.2) readings. Firms reported another expansion in new business and job creation continued at a healthy pace. Meanwhile, exchequer returns showed corporate taxes disappointing again in September, down 12% on the year, albeit still up 4% in the first nine months to €14.4bn.