Free Trial
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 February services PMI was above consensus at 54.7 (53.5 cons, 52.1 prior) - the highest reading since May 2023. The rise contrasts what was seen in February's Spanish EC services survey (which fell to 15.2 from 18.8).
- Details suggest that the improvement in services demand is leading to higher employment and wage costs, increasing inflationary pressures.
- This plays into the ECB narrative/early ’24 market repricing, which has resulted in consensus moving to June re: the timing of the first ECB rate cut.
- Spanish yields are off intraday lows, but moves following the release have been muted.
- "The upturn in activity was closely intertwined with a similar rise in new business. Firms commented on a notable improvement in demand for services during February".
- "However, growth largely emanated from domestic sources: new export business declined in February for a seventh successive month"…"some reports of political and economic uncertainty weighing on foreign sales".
- "There are hopes of an improvement in demand, and that the start-up of new projects will bolster sales"…."These positive forecasts fed through into hiring activity".
- "Rising employment did however serve to push up average employment costs according to the latest data"…"Companies responded with their own price rises".
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok