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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.
SPAIN DATA
The Spanish services PMI beat expectations at 51.5 (vs 51.2 cons, 51.0 prior), marking the 4th consecutive month above the 50-handle. Details show activity and employment rising, though this had the effect of pushing up wage costs for service sector firms.
The composite PMI was 50.4 (vs 49.8 prior).
Key notes from the release are:
- "Underpinning the improvement in activity was a concurrent rise in new business volumes", but this was "principally centered on the domestic economy", with export volumes falling in December.
- Employment rose due to activity improvements, with "employment growth the strongest since June". This is consistent with the unemployment claims data released yesterday, where services unemployment claims fell for a second consecutive month.
- "Taking on additional workers was accompanied by an upturn in typical salary costs", which pushed up operating expenses, with firms "again encouraged to raise their own charges, and to an even steeper degree" .
- Companies remained "cautiously optimistic" on future activity, but "there remained some political and economic uncertainty in the outlook, and these concerns weighed on confidence".
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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