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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 Kansas City Fed manufacturing index surprisingly fell to -13 (cons -5) in July from -8 for the lowest since Mar-May 2020 and before that 2008-09.
- New orders led the latest decline (-21 after -13) for also lows since the depths of the pandemic and prior to that briefly in 2015-16.
- It continues the recent theme of unusually wide regional divergence in manufacturing activity, with Richmond new orders at lows since Apr-May 2020 and 2008-09 vs Philly Fed new orders jumping to the highest since Mar 2022.
- Interestingly, and as noted earlier (here), today’s durable goods preliminary report for June saw a particularly wide divergence between total (-6.6% M/M) and core orders (+1.0% M/M) owing to a collapse nondefence aircraft & parts to the first net negative orders since Jul 2020 (various industry publications reported similar for Boeing beforehand).
- Boeing moved headquarters to Virginia in 2022, with the above potentially weighing on latest values for the Richmond Fed series (even though it possibly only has a single entry to the survey, it could have spillover effects to other firms in the area).
- With Kansas City Fed orders at similarly weak levels on a relative basis, there’s still a wide degree of divergence between other regions that could perhaps be explained by other sensitivities to particular industries.
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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