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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.
US DATA
- The PMIs were much weaker than expected in the preliminary Nov release, with manufacturing at 47.6 (cons. 50.0) after 50.4 and the much more heavily weighted services at 46.1 (cons. 48.0) from 47.8.
- “The overall fall in activity was the second-fastest since May 2020 as inflation, rising borrowing costs and economic uncertainty weighed on demand".
- Notably on the price side, input cost inflation softened for the sixth month running, increasing at the slowest rate since Dec’20, whilst firms raised their selling prices at the slowest rate for just over two years. “Some firms stated that concessions and discounts were made to entice customers to place orders amid the weak demand environment."
- The service PMI has already seen weaker this cycle, with a low of 43.7 in Aug, but this latest print goes against hope of a bounce despite continued consumer rotation back from goods to services, in the process adding renewed downside to the ISM Services index which to date has been far more resilient (Nov released Dec 5) - second chart.
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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