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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
The unwinding of negative energy base effects pushed Spanish PPI higher in June, though headline still remained in deflation at -3.5% Y/Y (vs a one tenth upwardly revised -4.5% prior).
- On a 3m/3m NSA basis, which gives a better gauge of recent pipeline pressures than the Y/Y or M/M comparisons, headline PPI was -1.4% (vs -3.8% prior), while PPI ex-energy was 0.2% (vs 0.5% prior).
- 3m/3m consumer goods PPI reached a new cycle low at 0.1% in July (vs 0.4% prior).
- However, it is not obvious whether that is enough to drive further disinflation in Spanish core goods HICP going forward, with industry/retail expected prices metrics from the European Commission surveys having levelled out in recent months.
- Spanish flash July HICP is due next Tuesday (consensus not yet available), alongside the preliminary Q2 GDP 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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