November 04, 2024 08:21 GMT
SPAIN DATA: Highest Manufacturing PMI Since Feb '22
SPAIN DATA
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The Spanish October manufacturing PMI reached its highest since February 2022 at 54.5, above the 53.2 consensus (and 53.0 prior). The print supports the theme of Spanish economic outperformance that has been prevalent through this year. The stronger-than-expected print has helped Bund futures extend intraday lows.
Key notes from the release:
- This reflected “concurrent uplifts in both production and new orders. Firms tended to attribute higher orders simply to an improvement in market demand, and this fuelled the best overall increase in new orders since May”.
- “On top of additional hiring activity, firms also sought to bolster production by increasing their purchasing of inputs”.
- “Vendors limited their price rises in October, which meant input cost inflation remained modest overall”…”manufacturers chose to lower their own charges for a second successive month”.
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