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.
Tuesday kicks off with French IP, followed by the round of final service PMIs. In the afternoon focus will turn towards US factory orders as US markets return from the long holiday weekend and look for recessionary pointers.
France Industrial Production (0745 BST)
French IP is anticipated to see modest improvement in the May print, flatlining at 0.0% m/m growth following a small 0.1% m/m contraction in April. The annualized reading should improve by 0.6pp to a moderate 0.3% y/y expansion as the industry continues to be hampered by global supply bottlenecks and shortages.
Final Services / Composite PMIs
Both Spain (0815 BST) and Italy (0845 BST) will release their first and final June service PMIs today, whereby 3 and 2.2-point dips are expected respectively. This would bring Spain to 53.5 and Italy to a weaker 51.5 as consumer demand wanes on the back of the disposable income squeeze as inflation runs hot.
Final prints for France, Germany the Eurozone aggregate and the UK are all seen confirming the downside surprising flash numbers, highlighting slowing momentum in the services industry across the board.
US Factory / Durable Goods / Capital Goods Orders (1500 BST)
Following the July 4th public holiday, US markets will be back in full swing today. Of note will be the factory orders data for May which see a 0.2pp uptick to a modest 0.5% m/m expansion. Durable and capital goods should be confirmed at flash levels of +0.7% m/m and +0.5% m/m respectively. Following the particularly disappointing manufacturing PMI which highlighted a substantial drop-off in demand, the lag of this May data is worth keeping in mind.
The BOE Financial Stability report is due at 1030 BST. Otherwise, it is a relatively quiet day for policymakers, with only the BOE’s Silvana Tenreyro in the evening of note.
Source: MNI / Bloomberg
| Date | GMT/Local | Impact | Flag | Country | Event |
| 05/07/2022 | 0645/0845 | * |  | FR | Industrial Production |
| 05/07/2022 | 0715/0915 | ** |  | ES | IHS Markit Services PMI (f) |
| 05/07/2022 | 0745/0945 | ** |  | IT | IHS Markit Services PMI (f) |
| 05/07/2022 | 0750/0950 | ** | | FR | IHS Markit Services PMI (f) |
| 05/07/2022 | 0755/0955 | ** |  | DE | IHS Markit Services PMI (f) |
| 05/07/2022 | 0800/1000 | ** |  | EU | IHS Markit Services PMI (f) |
| 05/07/2022 | 0830/0930 | ** |  | UK | IHS Markit/CIPS Services PMI (Final) |
| 05/07/2022 | 0900/1000 | ** | | UK | Gilt Outright Auction Result |
| 05/07/2022 | 0930/1030 | | UK | BOE Financial Stability Report | |
| 05/07/2022 | 1230/0830 | * |  | CA | Building Permits |
| 05/07/2022 | 1400/1000 | ** |  | US | Factory new orders |
| 05/07/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 13 Week Bill |
| 05/07/2022 | 1530/1130 | * | | US | US Treasury Auction Result for 26 Week Bill |
| 05/07/2022 | 1630/1730 | | UK | BOE Tenreyro Panels Qatar Centre Conference |
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.