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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.
FRANCE DATA
France October flash composite PMI printed above expectations at 45.3 (vs 44.6 cons; 44.1 prior). Services were also better than expected at 46.1 (vs 45.0 cons; 44.4 prior) while manufacturing slipped further into contraction at 42.6 (vs 44.5 cons; 44.2 prior). Some key notes from the release are:
- "Trends [between services and manufacturing] diverged as a softer (albeit solid) fall in services activity contrasted with the sharpest fall in factory production since May 2020. Companies in both sectors cited weak demand as a reason for lower output".
- "Weighing on overall order books was a significant deterioration in new business from abroad" alongside large falls in new work in both sectors.
- There was a "month-on-month reduction in private sector employment, the first since November 2020".
- "Operating costs rose at a sharp and accelerated pace"…."Increased cost pressures were attributed to rising wage bills and higher fuel prices by some respondents". However, competition and discounting meant selling prices rose at a weaker pace than previously.
- Following the release, 10-Year OATs and Bunds saw a 1-2bp bid as the data was hotter than expected, but the details emerging has seen this move pare slightly already. EURUSD currently trades broadly unchanged.
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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