manufacturing

I would highlight three key points: new orders and production are contracting while inventories are growing. So, overall, I would consider this a weak report that also exhibited soft forward-looking sub-components.

My take: economic growth is moderating in Asia and that has caused central banks to become more dovish. Markets no longer expect the tightening cycle there to continue at the same pace. The 50 basis point cut in Brazil could be seen as a…

As the heat wave which has been hanging over Southern Europe for the last couple of weeks steadily eases off there is little sign that any of the warm air which is dissipating is reaching the chilled motors of the European and Chinese…

The impact of Fed Chairman Bernanke’s testimony – his assessment of the economy and the further accommodation that can be provided to stem economic stresses into next week - will dominate market action into the next week. The G10 currency…

The Richmond Fed manufacturing index fell to -10 in August from -1 in July, joining other manufacturing index sugessting contraction in the sector.

The latest round of EU GDP data, brought to light a reality which many who have been closely following the economies of Eastern Europe already suspected: that the heavily export dependent economies in the region would almost inevitably be…

In Germany movements in GDP follow movements in the rate of expansion of exports. Let’s not get into why that is for the moment (think Germany’s particular demography), and just consider the possibility, despite all the talk over the years…

While the potential still exists for manufacturing to tick back up, the jobs picture and the fiscal and monetary backdrop are not supportive of this outcome. The inflation backdrop is the best part about this picture, with that subindex…

US leaders agree on budget deal, but House vote poses event risk ahead of August 2 deadline. Euro zone periphery benefits from improved market sentiment, but remains vulnerable. Equities and EM FX firm today on US news and stronger than…

As Europe’s leaders struggle to convince markets that their Greek debt problem-resolution-proposals are actually viable, and will really do the trick, last week’s flash PMI readings seem to have attracted rather less attention than they…