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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.
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Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Q3 Capex Rise May Aid GDP Revisions, Profits Better Than Expected
Japan Q3 capital spending was right on consensus estimates at 3.4%y/y, but slowed versus Q2's 4.5% pace. Q3 was the softest pace since the start of 2022 in y/y terms. Ex software spending was below expectations, +1.7% y/y (+3.4% forecast and 4.4% prior). Momentum is now back to 2021 levels.
- Still, in q/q terms capex rose 1.4%, up 0.3% ex software. This contrasts with the initial Q3 business investment figures (in the GDP print), which showed a -0.6% dip. Note we get GDP revisions on the 8th of Dec (next Friday).
- Manufacturing investment was -0.4% q/q, while non-manufacturing rose 2.4%.
- Company profits were much stronger than forecast, rising 20.1% y/y, versus+13.8% forecast (11.6% prior). Company sales were at 5.0% y/y for Q3 (4.5% forecast and 5.8% prior).
- We were up 0.8% q/q (after Q2's +10.0%). Manufacturing rose 4.9%.
- Again, the authorities will be hopeful that the bumper profit backdrop allows companies to raise wages more, a key domestic political/BoJ focus point.
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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.