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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.
ITALY DATA
Italian economic sentiment fell to the joint-lowest reading since mid-2021 in September (104.9, from 106.7 in Aug), with Manufacturing sector confidence at 96.4 (below 97.0 expected and 97.7 Aug) - lowest since Nov 2020 and the 6th consecutive drop - and Consumer confidence at a 4-month low 105.4 (vs 105.5 expected, 106.5 prior).
- Confidence was almost uniformly weak (construction was the lone sector to buck the deteriorating trend, remaining around all-time highs), with market services and retail readings dipping.
- From an employment perspective, the survey's readings show pretty flat confidence at low levels where they've been for the past few months - with retail services showing the biggest deterioration, back to late 2022 levels.
- Italian September Manufacturing and Services PMIs are out next week and there is no consensus as yet, but with confidence waning it's hard to see much improvement from August's sub-50 readings (Manuf 45.4, Services 49.8).
- The 0.8% real GDP consensus for this year looks in line, but with surveys suggesting the economy stagnating at best going into Q4, the 0.6% 2024 growth consensus looks more likely than the 1.2% forecast by the Italian gov't in making its fiscal projections this week.
Source: Istat
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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