Manufacturing PMI rises to 47.5 (Bberg...>

SPAIN DATA: Manufacturing PMI rises to 47.5 (Bberg survey 46.5, previous 46.8).

So better than expected but the press release is still very gloomy and there

were no positives discussed:

- Manufacturing "continued to contract during November in the face of ongoing

political and economic uncertainties. Although falling to lesser degrees than in

October, output and new orders were again down markedly, in part the result of a

faster drop in export business."

- "Panellists widely commented on an ongoing paralysis in goods markets, both at

home and abroad. Consumption and investment spending amongst clients was

reported to be weighed down by persistent uncertainty"

- "Orders from abroad were also said to be down, with the net fall close to

September's seven-year record"