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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.
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Free AccessEnergy Can Only Carry Current Account Improvement So Far (1/2)
- The current account balance improved in Q3 but by far less than expected, printing a deficit of C$3.2B (cons C$1B surplus) after an upward revised deficit of C$7.3B (initial $6.6B) in Q2 – all seasonally adjusted.
- It leaves a deficit worth about -0.5% GDP, its best level since a rare surplus of 0.6% GDP in 2Q22.
- The improvement from the -1% GDP deficit in 2Q23 was driven by an oil-led recovery in the goods balance (0.1% GDP) that was partly offset by a smaller investment income surplus (0.3% GDP) owing to larger portfolio and other investment income outflows.
- Services meanwhile continue to run steady deficits in the -0.5% region as has been the case since early 2022. The stalling in the return to pre-pandemic levels of -1% GDP or larger has come from travel-related services.
- Sticking to trend terms, the main improvement from pre-pandemic current account deficits has come from the energy balance.
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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.