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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.
US DATA
MNI (London)
In October, the ISM manufacturing survey recorded a third consecutive month of contracting new export orders.
- Prior to August 2022, the last recorded contractions in the ISM new export orders subindex were during the initial pandemic shock period of March to June 2020. A slowdown in European activity and weak Chinese growth amid Covid lockdowns are currently underpinning the continued decline in orders.
- With the US dollar at multi-decade highs and domestic inflation seeing little relief, it is little surprise that global appetite for US goods is quickly dwindling.
- The healthier US Q3 trade deficit saw a boost from energy exports as commodity prices increased and countries looked for alternatives to Russian supply. This largely drove the strong Q3 GDP print of +2.6% Q/Q annualised, which saw a 2.77pp boost on the back of net trade (of which exports made up 1.63pp, the highest since Q4 2021, with imports making up the remaining 1.14pp).
- Going forward, the contraction of the ISM index implies exports will have less of a positive impact on overall activity.
Source: MNI / ISM / 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.
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