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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
Spanish unemployment claims saw a second consecutive monthly fall in December, falling -27.3k to a 2707k, the lowest figure since August.
- There was limited market reaction to the release, with Spanish Bono/Oblis largely trading in line with core EGBs. Yields are currently around 3bps higher across the curve.
- Services claims fell -25.2k on the month (vs -17.3k prior), a dynamic we noted was likely give that the claims data is not seasonally adjusted.
- This suggests upside risks to INE's services employment index, which fell a touch in October to 113.2 (vs 113.5 in September), while the 3M average of the index fell to 113.1 vs 113.2 prior.
- Elsewhere, claims rose on the month for in industry (+1.5k) and construction (+5.3k). This is consistent with yesterday's manufacturing PMI, where respondents lowered staff numbers in December amid a weak demand backdrop.
- An update on Spain's monthly unemployment rate will accompany the Eurozone-wide release next Tuesday (9 Jan). Spanish unemployment has hovered around 12% since April 2023.
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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