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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.
UK DATA
MNI (London)
UK GDP advanced by +0.5% m/m in October, 0.1pp more than consensus expectations and bouncing back from the -0.6% m/m contraction recorded in September.
- This was the strongest month-on-month uptick since November '21, and is +0.4% above February '20 levels, yet as monthly GDP is a nominal reading this likely does not constitute a real expansion.
- Services increased by +0.6% m/m after contracting by -0.8% m/m. This provided the bulk of the boost to October GDP and was likely largely a rebound effect following the closures due to the Queen's funeral.
- Industrial production stalled on the month, in line with expectations, whilst manufacturing recorded a surprise +0.7% m/m uptick, boosted by pharma and transport equipment.
- Falling gas prices in October '22 followed a peak in September, which generated a smaller trade deficit of GBP -1.8bln (vs -3.1bln in September).
- This data will be of little note ahead of the BOE's Thursday meeting, with a 50bp hike to 3.5% still the likely outcome. Of more note will be labour data and CPI, due Tuesday and Wednesday.
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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