A few positive glimmers in that..........>

ITALY DATA: A few positive glimmers in that Italian PMI that beat expectations:

"Italian goods producers remained confident with regards to output over the

coming 12 months during May. Respondents linked optimism to easing lockdown

restrictions globally and hopes of improved demand. Moreover, the level of

positive sentiment was the highest since March 2017."

- However....

"Both output and new orders declined for the twenty-second month running,

although the declines softened from April's records as restrictions were

loosened and factories reopened. Demand conditions remained weak, however, with

order books falling at one of the quickest rates seen for over 11 years and

markedly overall. Meanwhile, firms continued to cut staff numbers in May, with

the rate of job shedding the second quickest since mid-2009."

(From Markit PMI press release)