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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 Empire and Philly Fed manufacturing reports were on balance softer than expected in August.
- Empire improved a touch (to -4.7 vs cons -6.0, after -6.6) but Philly fell more notably (-7.0 vs cons +5.2, after +13.9) - we put more weight on Philly as Empire tends to be more volatile.
- Within the details, Empire new orders fell from -0.6 to -7.9 (albeit only lowest since May) whilst Philly new orders fell from +20.7 to +14.6 but that’s still elevated compared to the -10.5 averaged in 2023 and -2.6 in 1H24.
- The Philly survey saw some notable swings, mostly in the dovish direction. Current period prices paid increased from 19.8 to 24.0 (highest since Dec’23) but prices received fully reversed back to 13.7 after the 24.2 in June (still relatively elevated regionally).
- Forward-looking Philly price components also pulled back sharply after what we had cautioned looked an idiosyncratic pop higher in June and July. Prices paid fell from 60.2 (highest since mid-2022) to 35.2, more consistent with other regional Fed surveys, whilst prices received fell to 12.5 from 43.7 in Jul and 58.8 in June for the lowest since Mar’23 and before that May’20.
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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