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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.
NORWAY
The fall in 3m/3m Norwegian manufacturing industrial production to -0.9% (vs 1.4% prior) may overstate the underlying weakness in Norwegian industry. The 3m/3m comparison was skewed lower by the 5.4% M/M March reading dropping into the denominator of the calculation, which took some of the shine off of the 1.4% M/M and 2.1% Y/Y prints.
- Statistics Norway’s industrial confidence reading also rose to 3.9 in Q2 (vs 0.6 in Q1), which is likely a more reliable signal of industrial confidence than the volatile manufacturing PMI (which dropped to 47.7 in June vs 51.7 in May).
- The headline IP reading rose 14.9% M/M in June, driven by a 20.0% rise in the extraction and related services component (which is excluded from the “manufacturing” measure noted above).
- As such, it appears that gas pipeline outages in June did not have a material impact on the latest IP readings.
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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