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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
With the final December manufacturing PMIs out today, JPMorgan's global PMI index showed a fall to 48.6 vs 48.8 in November. This was the 4th consecutive month below the 50.0 expansion/contraction line and was the lowest reading since June 2020.
- Among the subindices, new orders fell to the lowest since May 2020, and prices slid to the lowest since October 2020. That's reflective ofwhat we've seen in most individual countries' PMI reports, with softening demand and post-peak commodity prices leading to more modest inflation pressures.
- Looking across the major manufacturing economies' PMIs, there was a widespread deterioration in December across the board - the exception being the Eurozone's which ticked higher in both Nov and Dec, albeit from one of the weakest levels seen globally since the pandemic lows (46.4).
- Overall it seems clear the global manufacturing sector is either in recession or on the brink of it, even if it hasn't shown up yet in the "hard" data (MNI's global industrial production aggregate estimates 2.5% Y/Y growth in October, roughly in line with the prior 12 months' average, with November data pending).
Source: JPM, S&P Global
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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