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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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Of note from the softer-than-expected PPI print for October (including revisions to prior), a divergence in headline goods and services prices in October - but core (ex-foods, energy, trade) continues to soften on an annual basis:
- Final demand goods prices rose 0.6%, the largest rise since +2.2% in June - but that's mostly due to a jump in energy prices (+2.7%).
- Conversely, final demand services prices fell 0.1% M/M, the first fall since Nov 2020, led by a drop in margins for trade services (which measures changes in margins received by wholesalers and retailers).
- Overall ex-foods, energy, trade continues to soften Y/Y - peaking at 7.1% in March, now 5.4%, the lowest since April 2021 (see chart).
- That will continue to fuel the lower goods price narrative ( as highlighted in October's CPI report which showed a sharp M/M core goods deflation). But there is still a long way to go to get to pre-pandemic norms below 3%.
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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