MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: ECB Should Be Close To 2% In Next Quarters -Centeno

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

No Let Up In US PMI Price Pressures

DATA REACT
  • The US S&P Global composite PMI was notably softer than expected in the preliminary May release. Manufacturing softened as indicated in softer regional Fed surveys but services joined the surprising slide seen in the Eurozone and particularly the UK earlier.
  • The press release makes clear the impact higher price pressures are having: “[the data] indicated a slower expansion in business activity across the US private sector during May. Manufacturers and service providers signalled softer upturns in output amid elevated inflationary pressures, a further deterioration in supplier delivery times and weaker demand growth.”
  • The input price component touched a new series high (from Oct-2009) with the manufacturing-specific series also accelerating and among the fastest in the longer standing series history. This feeds through to selling prices, which although eased from a record April but are the second highest reading on record.
  • That said there was some optimism further ahead, with firms "buoyed by ongoing sales growth and investment in local supply chains which it is hoped will ease bottlenecks".
  • Front-end Tsy yields sit further 2bps lower since the release, extending the day’s rally to -8bps extend a rally from beforehand that had accelerated on a weak US open. BBDXY -0.1% since the release for -0.25% on the day.
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage

To read the full story

Close

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.