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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 NSA PPI for September remained in deflation on the year, printing at -8.6% Y/Y (vs a revised -9.9% prior). The monthly print was +1.4% M/M (vs a revised +1.3% prior). PPI excluding energy rose +1.8% Y/Y (vs +1.7% prior).
- The monthly print was driven higher by energy prices - particularly fuel products - with the manufacture of refined petroleum products rising +7.7% M/M. Energy prices still fell -25.7% Y/Y, but this is almost 4pp higher than the -29.3% seen in August.
- Looking at the components: Consumer goods prices rose +0.4% M/M and +9.3% Y/Y - the lowest annual rate since March 2022 - with both durables and non-durables disinflation. Capital goods were steady at 2.4% Y/Y while intermediate goods remained in deflation at -5.3% Y/Y (vs -5.8% prior).
- Spanish bonds currently trade a touch cheaper across the curve (yields flat to 1bp higher), taking cues from core FI markets rather than today's 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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