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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
Italy October manufacturing PMI was 44.9 (vs 46.3 cons; 46.8 prior) and signalled similar weak demand conditions to Spain. Key notes from the release are:
- "Both output and new orders fell for a seventh consecutive month and to steeper degrees compared to September".
- "Uncertainty and weak demand conditions were cited as the main reasons behind the latest downturn [in incoming business]".
- New work from abroad fell due to "geopolitical tensions and weak demand from foreign clients".
- Staffing levels fell, with firms signalling excess capacity due to lower orders and output.
- "Firms reported further reductions in raw material prices and lower transport costs" and reflected this in selling prices to try and "stimulate demand across the sector".
- Neither 10-year BTPs nor the 10-year BTP/Bund spread reacted meaningfully to the release, with spreads remaining around 3bps tighter on the day.
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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