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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.
MACRO ANALYSIS
- The potential buffer accumulated by businesses whilst they have been running strong net lending balances [see part 2] is reflected nicely by the corporate profit share at historically elevated levels, especially when looking over a multi-decade horizon.
- Some of the areas these profits could go towards include, i) dividends, ii) share buybacks (seemingly unlikely with the S&P 500 at record highs but the breadth of gains is narrow – see the Russell 2000 in comparison) or iii) re-investment.
- There are however some potential factors at play that could limit business capex intentions, one of the most prominent being political uncertainty ahead of the presidential election in November and with there even being uncertainty as to who the Democratic candidate will be.
- Further, relative to GDP, businesses have deleveraged since the early pandemic surge in indebtedness, but their debt to GDP is still historically elevated.
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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