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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
SPAIN JUL MANUF PMI 47.8 (FCST 48.3); JUN 48.0
- Spanish July manufacturing PMI came in on the weak side of expectations at 47.8, unexpectedly decelerating from 48.0 in June and undershooting the 48.3 consensus.
- This was the 4th consecutive monthly reading below the 50.0 level demarcating contraction from expansion, and overall the report provides further evidence of disinflationary impulses from the Eurozone goods / manufacturing sector.
- As with the German and French PMI flash figures, weakness in manufacturing demand was evident in Spain's report from HCOB/S&P Global, with "sharper reductions in both output and new orders" (including a "more severe deceleration in foreign market demand") resulting in "paring back input buying at a quicker rate and lowering workforce numbers again".
- Inventories contracted at an accelerated rate (in line with weak demand), with manufacturers running down backlogs. Delivery times have normalized vs stretched pandemic levels.
- The disinflationary implications were evident: input prices fell at the fastest pace since June 2009, while output charges declined at the strongest rate in just over 3 years as "muted customer demand imparted further downward pressure on prices".
- While there was a "positive outlook" for future output, the "degree of confidence remained historically subdued and only modest overall".
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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