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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
MNI (London)
- Spanish harmonised inflationre-accelerated in April, rising 0.7pp to +3.8% y/y, albeit remaining softer than consensus expectations of a jump to +4.1% y/y. Anergy base-effects were largely responsible for the April CPI uptick. On the month, HICP rose +0.5% m/m, decelerating from +1.1% m/m in March.
- Positive developments were noted in core CPI (non-harmonised) slowed by 0.9pp to +6.6% y/y, distancing further from the February peak of +7.6% y/y. No further detail was given in the release, yet is likely chiefly due to goods prices, with Spain's March PPI recording the first deflationary y/y reading since 2020.
- Spain GDP expanded by +0.5% q/q in the Q1 flash estimate, outpacing forecasts of +0.3% growth. Q4 2022 GDP was revised up to +0.4% q/q, implying the Spanish economy fared well over the past two quarters.
- Yet this more upbeat GDP print masks a substantial -0.8% q/q decline in domestic demand, with household consumption contracting by a solid -1.3% q/q. Services contracted by -0.1% q/q, led by a -7.2% q/q fall in financial and insurance services.
- Similarly to France, strong exports (at +5.8% q/q in Spain Q1) largely boosted the headline GDP print.
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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