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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.
ITALY DATA
The Italian June services PMI was broadly in line with consensus at 53.7 (vs 53.8 cons, 54.2 prior), printing in expansionary territory for the sixth consecutive month.
The inflation-specific commentary in the report was somewhat similar to Spain: Overall inflation pressures softened slightly, but increased wage costs were being passed on to output charges where possible.
Key notes from the release:
- “The rise in output was linked to an influx of new clients and improved demand for Italian services”.
- “Firms were confident that business conditions would improve and expected increased inflows of new customers and projects”.
- “Jobs growth was maintained for an eighth month running in June”... “Positive signals can also be taken from panel member reports of onboarding new staff onto full-time contracts”.
- Cost pressures remained elevated, “Rising wage and energy related costs were cited as drivers of the increase”.
- “Output charges rise further, as companies looked to pass-through some of the cost burden to customers. That said, the rate of output price inflation was the softest since last November and moderate 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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