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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.
DATA REACT
Spanish May Services PMI beat expectations at 59.4 (vs 57.9 survey, 54.6 prior), with the composite reading coming in at 59.2 (55.2 prior). The Services figure was the highest since August 2015 and comes amid a lifting of COVID restrictions, per the IHS Markit release:
- On new orders: New business volumes were the strongest since early 2018, with domestic orders strong (foreign demand less so). Baclkogs of work rose at the fastest since Jul 2015.
- On employment: With strong orders/backlogs, May saw the sharpest rate of growth for over two years, and a 2nd successive monthly increase in overall employment.
- On prices: Cost pressures "intensified to the greatest degree since the summer of 2008" as manufacturers passed on inflationary pressures in supply chains. But "although companies were able to raise their own charges in response to the strongest degree for over two years, inflation was relatively modest as pricing power amongst service providers remained limited."
- On the outlook: Overall confidence dipped only slightly vs April's 17-year high.
Source: IHS Markit, MNI
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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