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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.
SPAIN DATA
MNI (London)
SPAIN APR SERVICES PMI 57.9 (FCST 59.9); MAR 59.4
- Spanish services posted another strong month in the April PMI data, albeit cooling slightly from March. The services PMI softened by 1.5 points to 57.9, but implies six months of robust expansionary activity.
- Yesterday's Spanish manufacturing PMI weakened to 49.0, dipping back into contractionary territory as demand conditions weaken. This is in line with the current theme across Europe of a manufacturing-services industry divergence, whereby services continues to experience a tailwind of reopening effects that show little indication of subsiding.
- Spanish services jobs growth saw the fastest growth since 2001, assisted by a tourism boost.
- On the inflation front, service prices quickened on the month for both output and input costs on the back of higher wage pressures.
- April saw positive developments in the Spanish core CPI, which slowed by 0.9pp to +6.6% y/y, distancing further from the February peak of +7.6% y/y. However, this was likely chiefly due to goods prices, with Spain's March PPI recording the first deflationary y/y reading since 2020, whilst today's services PMI flagged an acceleration in service inflation.
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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