SWAPS: German Long End Spreads Continue To Soften

• MNI: GERMANY OCT FINAL SERV PMI 54.6 (54.5 FLASH, 51.5 SEP)

Italy (as Spain earlier) came in stronger than expected at 54.0 (53.0 cons; 52.5 prior). Growth in new work was a key driver, supported by a fresh rise in exports. Key highlights below:

• "Both output and new business increased at sharp and accelerated paces. Notably, October saw an end to the trend of decline in exports, with the volume new business from abroad up slightly on the month."
• On the higher exports: "Some panellists noted higher sales from European customers, but there were also reports of persistent international uncertainty."
• "Services firms retained a positive outlook when asked about their expectations for activity for the year ahead. Panellists are forecasting an improvement in market conditions and expect new customer wins and increased service offerings to be supportive of growth. The level of confidence ticked down from September and remained subdued by historical standards, however"

• MNI: FRANCE OCT FINAL SERV PMI 48.0 (47.1 FLASH, 48.5 SEP)