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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.
EUROZONE DATA
MNI (London)
ITALY OCT MANUF. PMI 46.5 (FCST 46.9); SEP 48.3
SPAIN OCT MANUF. PMI 44.7 (FCST 47.5); SEP 49.0
Italian and Spanish October manufacturing PMIs indicated four consecutive months of contraction. The indexes were weaker than forecasts, falling to May 2020 lows.
- New orders/production declined at the fastest rates since the Spring 2020 pandemic onset as demand plunged. A resurgence in material shortages was noted.
- Price growth slowed in both Spain and Italy, yet remained elevated due to high energy and raw material costs alongside euro weakness.
- Employment levels declined for the fourth consecutive month in Spain as firms looked to cut costs due to low production capacity and pessimistic growth outlooks. Italy saw hiring easing, yet labour plans remain optimistic and anticipate a demand revival.
- Confidence weakened to pandemic onset lows in Spain, against the backdrop of severe economic uncertainty. Italy noted a modest improvement as the manufacturing sector hopes for a demand rebound and easing inflation.
- These PMIs add to a slew of contractionary eurozone PMIs kicking off Q4 and adding to downside growth risks for the bloc.
Source: MNI / BBG / S&P Global
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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