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 IP growth was stronger than trade in June according to CPB data and rose 0.5% q/q in Q2. It increased 0.4% m/m after +0.3% the previous month but the annual rate slowed to 0.5% y/y from 1.1% and 3-month momentum, which is negative, deteriorated further. The S&P Global manufacturing PMI is signalling that output is contracting mildly but that while global IP may deteriorate further it shouldn’t collapse. In terms of other IP lead indicators, LME metal prices have been moving lower over 2023 but in August were down only 3.5% y/y and iron ore is up 0.7% y/y, both consistent with soft but not terrible IP.
Global growth %
Source: MNI - Market News/Refinitiv/Bloomberg
Global IP vs LME metal prices y/y%
Source: MNI - Market News/Refinitiv
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.