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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.
EUROZONE
- Having propelled the EU economy during the post-Covid recovery, intraregional trade has since stalled.
- As the chart below shows, the share of total exports to the EU increased sharply during the recovery phase with the release of pent-up demand benefiting from frictionless regional trade.
- However, both top line export growth and intraregional trade among the major EU states has since stalled.
- Indeed, this morning's German factory orders data continued to show weak demand from within the bloc.
- Extra-EU export growth has followed a similar pattern of collapse, rebound and then gradual deceleration. Recent data indicate a pickup, although total world export volumes have stalled since 2022 suggesting limited scope for significant gains for eurozone exporters. Again this was evident in today's, German factory orders which showed that factory orders fell 6.1%M/M in May.
- Euro area activity remains subdued, with weaker trade denying the region an important growth driver. While we previously argued that the ECB would be cautious in easing monetary policy this year, the pace of easing is likely to pickup in 2025.
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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