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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.
ITALY DATA
The Italian August manufacturing PMI was a little stronger than expected at 49.4 (vs 48.5 cons, 47.4 prior), in contrast to the earlier Spanish release. Though still in contractionary territory, this was the highest reading since March. There was little reaction in BTP futures to the print.
We note that Italian confidence picked up in August, supported by “upbeat demand forecasts and hopes of improved economic conditions”. This contrasts to Spain, where demand regional demand concerns drove a deterioration in confidence metrics.
Key notes from the release:
- “Amid ongoing reports of muted demand conditions, both new orders and output declined again in August”….” However, the rates of contraction were both only modest and the softest for five months”.
- “Though still strong, cost pressures faced by manufacturers in Italy cooled slightly in August”.
- “This and the notable uplift in confidence saw firms raise their charges for the first time since February 2023. The increase in part reflected the pass-through of costs to customers”
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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