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.
Data is showing that global industrial activity at the start of 2024 was slowly recovering but remains lacklustre. CPB reported global industrial production volumes for January slowed with the index falling 0.5% m/m to be up 1.2% y/y after +2.5% y/y, the slowest annual growth since October. It remains within the range it has been in since end 2022 though, and 3-month momentum in metal prices is positive and increasing. They tend to be a lead indicator of IP growth and thus signal that it should improve in coming months, but with March oil prices up almost 10% since end-2023, there remains a risk from energy and transport prices.
- The global S&P Global manufacturing PMI is also signalling improving activity in the sector. It continues to point to moderate but positive Q1 growth. The February PMI improved slightly to 50.3 from January’s 50, the first time it has been at the breakeven level since August 2022.
- Also, global merchandise trade growth continued to recover at the start of the year with exports rising 2.5% y/y and 3-month momentum positive.
Global growth
Source: MNI - Market News/Refinitiv/Bloomberg
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.