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Services PMI strong, but not moving markets with geopolitical outlook

SPAIN DATA
  • Everything in the Spanish services PMI survey seemed optimistic about the future/ hiring was strong and costs were passed on. "February’s survey indicated that average output charges rose at the sharpest rate in over 22 years of data collection, with the sequence of inflation now stretching to 11 months."
  • Probably not really enough to move the docket markets much given the geopolitical backdrop, but this would normally be a big positive surprise in terms of the outlook for growth and also another high inflation indicator.

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