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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.
SPAIN DATA
Spanish September industrial production printed firmer than expected, with only energy (-2.7% M/M) and non-durable consumer goods (-0.3% M/M) showing negative prints on the month. The overall index (in SA terms) was +1.1% M/M (vs +0.4% cons; a 0.1pp upwardly revised -0.7% prior).
- Capital goods (+3.6%), durable consumer goods (+3.3%) and intermediate goods (+3.1%) all rose on a monthly basis, with the tobacco pharmaceutical and metallurgy industries seeing the largest rises.
- Despite coming in stronger than expected at -1.4% Y/Y (vs -2.4% cons; a revised -3.3% prior), the annual print was still negative, and has now been negative for 6-months running. This seems more consistent with the manufacturing PMI which has also printed below 50 the last 7 months.
- This weakness on an annual basis has seen energy (-9.6%), durable consumer goods (-3.3%) and non-durable consumer goods (-1.8%) as the laggards, while capital goods rose +4.4% Y/Y.
- Thus, while Spain's services sector has signalled resilience in the latest PMI data, the industrial sector continues to be pressured, despite today's better-than-expected print.
- EGBs have begun to reverse early weakness as flagged above, with 10-year Obli yields now 6.3bps off today's peak. These moves are likely due to cross-market flows, rather than the Spanish IP print.
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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