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ITALY DATA: Subdued Demand Weighs on Sep Manufacturing PMI

ITALY DATA

In contrast to Spain, the Italian manufacturing PMI was weaker than expected at 48.3 (vs 49.0 cons, 49.4 prior). The index has been in contractionary territory since March, consistent with the subdued development of industrial production this year.

The inflationary implications were somewhat similar to Spain though, with raw material prices increasing input costs, but competitive pressures limiting passthrough to output charges.

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In contrast to Spain, the Italian manufacturing PMI was weaker than expected at 48.3 (vs 49.0 cons, 49.4 prior). The index has been in contractionary territory since March, consistent with the subdued development of industrial production this year.

The inflationary implications were somewhat similar to Spain though, with raw material prices increasing input costs, but competitive pressures limiting passthrough to output charges.

Keep reading...Show less