MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

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

NORWAY: Petroluem-related Manufacturing IP Shows Signs Of Rolling Over

NORWAY
CEEMEAEnergy BulletsPower BulletsBulletNorwayCommodities

There may be early signs that the offshore sector-related boom in manufacturing industrial production is beginning to rollover. Analysts expects the tailwind from the offshore sector to overall GDP to fade a little from next year, which may pressure supplier industries. Meanwhile, production for manufacturing firms excluding petroleum related industries remains subdued.

  • Overall manufacturing IP fell 1.6% M/M and rose 0.3% Y/Y in October. On a 3m/3m basis, production fell 0.6% (vs a 2.6% rise in September).
  • Petroleum-related manufacturing and support industries saw a 1.1% fall in production, with petroleum-related manufacturing seeing a 1.8% decline. Meanwhile, manufacturing ex-petroleum related industries fell 1.0%.
  • The dip in underlying industrial production is consistent with Statistics Norway's Q3 Business Confidence survey, which fell to 1.5 from 3.5.
  • Headline IP rose 9.8% M/M, and 2.1% prior, but fell 7.3% on a 3m/3m basis. Crude oil (-2.5% 3m/3m) and natural gas production (-9.2% 3m/3m) dragged, largely due to maintenance-related disruption in September.

 

152 words

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.

There may be early signs that the offshore sector-related boom in manufacturing industrial production is beginning to rollover. Analysts expects the tailwind from the offshore sector to overall GDP to fade a little from next year, which may pressure supplier industries. Meanwhile, production for manufacturing firms excluding petroleum related industries remains subdued.

  • Overall manufacturing IP fell 1.6% M/M and rose 0.3% Y/Y in October. On a 3m/3m basis, production fell 0.6% (vs a 2.6% rise in September).
  • Petroleum-related manufacturing and support industries saw a 1.1% fall in production, with petroleum-related manufacturing seeing a 1.8% decline. Meanwhile, manufacturing ex-petroleum related industries fell 1.0%.
  • The dip in underlying industrial production is consistent with Statistics Norway's Q3 Business Confidence survey, which fell to 1.5 from 3.5.
  • Headline IP rose 9.8% M/M, and 2.1% prior, but fell 7.3% on a 3m/3m basis. Crude oil (-2.5% 3m/3m) and natural gas production (-9.2% 3m/3m) dragged, largely due to maintenance-related disruption in September.