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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
Industrial production has held up quite strongly in the past 12 months considering multiple headwinds including waning demand, soaring energy costs, supply chain disruptions, and renewed Covid lockdowns.
- MNI estimates global industrial production came in at between 3-4% Y/Y in October, a sharp pullback from 4.8% in September which was a 13-month high. (The latter matches exactly with the IP estimate by the Netherlands' CPB but they have not yet estimated October - see chart).
- However, production has been buoyed by China's strong start to the year and more recently, global catch-up in filling backlogs as supply chain constraints have eased.
- Neither of these will be repeated into early 2023, and forward looking indicators including PMIs and confidence surveys point to a dip in the global IP aggregate back towards 0% Y/Y - another piece in the global recession puzzle.
% Y/YSource: MNI Calculations, CPB
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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