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SPAIN DATA: Manufacturing PMI slightly softer than exp, but details positive

SPAIN DATA
Data BulletEurozoneCEEMEASpainBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • The Spanish manufacturing PMI came in 0.2ppt below the Bloomberg consensus, rising to 53.3 in December from 53.1 in November.
  • However, the underlying details in the press release look initially positive: output and new orders both expanded, employment grew while "firms bolstered their buying activity in response to greater production requirements. Optimism about the future also improved."
  • Importantly for the ECB "inflationary pressures remained broadly contained. Although input prices rose to a greater degree, cost inflation remained well below levels typically seen since the pandemic whilst output charges fell for a fourth successive month."
  • The release comes as Bund futures were already edging higher and EURUSD lower but is not a large enough surprise to really have any significant market impact.
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  • The Spanish manufacturing PMI came in 0.2ppt below the Bloomberg consensus, rising to 53.3 in December from 53.1 in November.
  • However, the underlying details in the press release look initially positive: output and new orders both expanded, employment grew while "firms bolstered their buying activity in response to greater production requirements. Optimism about the future also improved."
  • Importantly for the ECB "inflationary pressures remained broadly contained. Although input prices rose to a greater degree, cost inflation remained well below levels typically seen since the pandemic whilst output charges fell for a fourth successive month."
  • The release comes as Bund futures were already edging higher and EURUSD lower but is not a large enough surprise to really have any significant market impact.