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Surprise resilience in developed markets' industrial activity indicators – Danske Bank

FXStreet (Delhi) – Research Team at Danske Bank, suggest that they are surprised by the resilience in developed markets' industrial activity indicators in September.

Key Quotes

“The German Ifo expectations index increased, the flash Euro area manufacturing PMI declined less than expected and the flash US manufacturing PMI was unchanged.”

“This would all suggest that the downside to the ISM manufacturing survey is limited but the regional PMIs from the US have been weak on balance and the latest advance trade data for August showed a steep decline in exports suggesting that the strong USD continues to be a drag on the manufacturing sector.”

“Further, the inventory build-up in the first half of the year is likely to be a headwind to manufacturing production in the short term and the new orders-inventory differential in August strongly suggests a decline in the ISM this month. We estimate that the manufacturing ISM remained in expansionary territory (above 50) but look for a decline to 50.6 from 51.1.”

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