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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.
GLOBAL
- Even though risky assets experienced a solid recovery last month, with the SP500 index up nearly 15% from its mid-June low of 3,636.90, the macro picture has not changed, and leading economic indicators are still pricing in a significant deceleration in the economic activity in the coming 6 months.
- For instance, the chart below shows that the OECD ‘Diffusion’ Index, which looks at the percentage of countries with rising leading economic indicators (LEI), is pricing in a global manufacturing PMI at round 45, well below the 50-line threshold that separates growth from contraction.
- The number of economic countries with rising LEI fell from over 90% in November 2021 to 2% in February 2022 (only one country with rising LEI out of 39 countries).
- Historically, there is an existence of a non-linear relationship between global PMI and global growth: the further global PMI falls below 50, the more significant the global growth slowdown.
- How confident should investors be in the recent 'bull' retracement in global equities?
Source: Bloomberg/MNI
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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