Just like in Spain, there are no real....>

ITALY DATA: Just like in Spain, there are no real positives to draw from the PMI

press release despite a 0.1 point upside surprise. The highlights of the release

say:

- "At the sub-sector level, none of the three monitored categories observed an

improvement in operating conditions during November. Intermediate and investment

goods producers recorded sharp deteriorations whilst consumer goods

manufacturers saw no-change from October."

- "Central to the deterioration in the headline PMI was a sharper decrease in

total new business in November."

- "Business conditions in the Italian manufacturing sector deteriorated for the

fourteenth consecutive month in November and at the fastest pace since March.

Further sharp declines in both output and new work were also recorded, whilst

export sales shrank at the fastest pace in almost eight years. Meanwhile, amid

concerns over weaker international demand, business confidence softened to the

lowest since December 2012."