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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.
GLOBAL
Global data for August released by the Dutch CPB showed that global trade continued to contract and industrial output to stagnate. In line with the S&P Global manufacturing PMI at 49.0 in August and September’s 49.1 suggests that global IP/trade should be as lacklustre at the end of Q3 as they were in the middle.
- Global trade volumes fell 3.8% y/y in August after -3.3% and seem to be trending down. With import volumes contracting 5.3% y/y but exports doing better down 2.3% y/y due to positive growth from emerging economies driven by China (+5.5% y/y) and eastern Europe (+17.5% y/y). Apart from China, export growth from the rest of Asia remains weak with advanced Asia ex Japan down 4.2% y/y and emerging Asia ex China -7.7%.
- IP growth was steady at 0.4% y/y in August and has been hovering just above zero since December last year and with the global manufacturing PMI continuing to signal contracting activity, output growth is unlikely to improve any time soon. The PMI has been below 50 for the last year.
Global growth
Source: MNI - Market News/Bloomberg/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.
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