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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.
GLOBAL
Global industrial production has held up well in 2022, despite multiple headwinds.
- Global IP aggregates have recorded stalled growth since mid-2022 but are up around 1-2% since the start of the year, while the largest manufacturers (China, Eurozone, US) are all positive Y/Y as of September.
- The biggest surprise of all has been in eurozone IP data. Sentiment readings have become increasingly disconnected from "hard" data, and several indicators that have historically pointed to a significant downturn in industry / manufacturing are suggesting that activity in those sectors should be collapsing.
- Two leading indicators are below: Swedish PMI new orders less inventories and German IFO manufacturing expectations, which suggest significant contraction should already be underway.
- Instead, euro area IP continues to grow and recorded an upside surprise in September, expanding by +0.9% m/m after robust +2.0% m/m growth in August.
Source: Swedbank, Eurostat, MNI
Source: IFO, Eurostat, MNI
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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