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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 July manufacturing PMI was stronger than expected at 47.4 (vs 46.0 cons, 45.7 prior). However, the print remains below the 49.2 average seen in Q1.
As in Spain, shipping delays from the Red Sea were cited, and pushed input costs higher. However, weak demand conditions meant that overall pass-on was muted. A reminder that the uptick in Italian goods inflation in July was due to less Summer sales discounting than in 2023 (particularly in e.g. clothing and footwear).
Key notes from the release:
- “Overall weakness in business conditions was mainly demand-driven, with new orders falling sharply in July. As well as the demand environment, panellist blamed ongoing geopolitical tensions”.
- “In line with total new orders, client demand from abroad also weakened markedly”.
- “Where manufacturers were purchasing inputs, supplier delivery times lengthened”… “firms blamed the delays on the Red Sea crisis and longer delivery times from the East”
- “Linked to higher energy and raw material prices, cost pressures faced by Italian goods producers continued to build”… “firms opted not to pass higher cost burdens 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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