Free Trial

Small Upticks on Flash Manufacturing PMIs, Spain May Print Strong

EUROZONE DATA
MNI (London)

SPAIN MAY MANUFACTURING PMI 53.8 (FCST 52.0); APR 53.3

ITALY MAY MANUFACTURING PMI 51.9 (FCST 53.6); APR 54.5

FRANCE FINAL MAY MANUFACTURING PMI 54.6r (FLASH 54.5); APR 55.7

GERMANY FINAL MAY MANUFACTURING PMI 54.8r (FLASH 54.7); APR 54.6

EUROZONE FINAL MAY MANUFACTURING PMI 54.6r (FLASH 54.4); APR 55.5

  • Soft upwards revisions (0.1-0.2pp) were seen in this morning's final May Eurozone manufacturing PMIs, confirming a 1.1-point contraction for France, a 0.9-point decline for the Eurozone, and a 0.2-point improvement for Germany compared to April.
  • The first and final Spain and Italy manufacturing PMIs diverged, with Spain seeing a surprise 0.5-point increase, whilst Italy slumped by 2.6-points, to 51.9- the lowest May reading of the group.
  • The larger fall seen by Italy is underscored by a further dip in output due to weak demand and supply chain disruptions, resulting in the first decline in production in two years. Business confidence did however improve slightly despite remaining in pessimistic territory.
  • Improved output growth was the underlying driver of Spain's robust reading in May. The reaper signalled the lowest index for supply-side delays in 14 months, highlighting easing supply chain disruptions in upcoming months, however stagnating demand will likely see production soften.
  • Across the region, supply chain disruptions remain acute, inflationary pressures are elevated and demand is weakening, reinforcing uncertainty in the region for upcoming months.
  • All readings remained in expansive territory, above the 50-point breakeven mark.

To read the full story

Close

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.