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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
MNI (London)
SPAIN APR MANUF. PMI 49.0 (FCST 50.0); MAR 51.3
Spanish manufacturing dipped back into contractionary territory in the April PMI on the back of a fresh decline in new orders.
- Weak demand conditions have seen new orders fall in 10 of the 11 previous months. With current production levels likely to be propped up by backlogs of work, the underlying health of the industry remains weak. Nonetheless, Spanish firms remained optimistic in regards to the next 12 months.
- Low demand alleviated supply pressures further in April, which saw lead times shortened to the greatest degree since 2009.
- Input prices fell, and output prices declined for the first time since 2020. This follows March factory-gate inflation data, which showed Spanish PPI dropped 9pp to a contractionary -1.0% y/y in March, recording the first deflationary y/y reading since 2020.
- The continuation of easing PPI (albeit slower on core) in the eurozone is positive news for the ECB. Whether sticky services inflation will be also see relief remains a key concern.
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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