Poor Spanish manufacturing PMI was.......>

SPAIN DATA: Poor Spanish manufacturing PMI was matched by arguably even worse

details. Interesting to note uncertainty weighing on the data with political

uncertainty and for the first time reference to falling demand in LATAM.

Highlights from the press release:

- "The deterioration in the PMI was led in the main by a sharp and accelerated

drop in new orders."

- "Against a backdrop of elevated economic and political uncertainty, both at

home and abroad, there were widespread reports of underwhelming market demand

and clients adopting a cautious approach to their buying and investment

activities."

- "the sharpest fall in total new work recorded by the survey since April 2013."

- "Foreign sales also declined for a fifth successive month, with firms noting

the unhelpful impact on market confidence of Brexit and US trade policy. Demand

from key Latin American markets was also reported to have fallen in October."