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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GLOBAL
The ratio of copper to gold prices in notably continues to point lower (despite a tepid bounce in copper over the past few days), following a break lower in Gold's favor from its range which began in February 2021.
- This ratio is reflecting weakness in global manufacturing sectors, which judging from recent survey data look likely to enter contraction in H2 2022.
- Peaks and troughs in the Netherlands CPB's aggregate of global industrial output (for which data is available only through April, see below) have largely corresponded with similar moves in copper-gold.
- With the latter clearly rolling over, it would not be a surprise to see global IP turning negative Y/Y, reflecting weakness in the European (Ukraine war/energy price related) and Chinese (Covid lockdown) productive sectors in particular, though the recent PMI readings suggest the US is hardly immune from global pressures.
Source: CPB, BBG, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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