SPAIN DATA: Industrial Production Trend Remains Tepid At Best
Jun-04 09:14
- Spanish industrial production surprisingly fell -0.8% M/M in April (cons 0.0, INE index calculates at -0.85%) in seasonally and working day adjusted terms.
- It follows a 0.9% M/M increase in March although monthly changes are volatile.
- Production of consumer goods increased 1.0% M/M but capital (-0.5%) and intermediate (-0.7%) softened whilst energy (-5.5%) slumped.
- Looking through the monthly noise, IP only increased 0.6% Y/Y swda (-5.7% Y/Y in nsa terms, in part because of the later Easter this year) as the production trend remains bleak.
- Monday’s manufacturing PMI increased to 50.5 after three sub-50 readings including 48.1 in April, although even the 53-54 readings seen in most months through 2H24 only saw modest translation into positive IP growth trends.
- The latest manufacturing PMI increase came in contrast to today's surprisingly weak service PMI earlier today at 51.3 (vs 52.9 cons, 53.4 prior) for the lowest in 18 months, with the latter potentially seeing some delayed impact from trade and broader uncertainty.
- The manufacturing report noted "several panellists noted a relative improvement in European and US demand, albeit still characterised by some hesitation in committing to new work amid the uncertain tariff outlook".
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EQUITIES: Large Stoxx600 Option trade
May-05 09:11
SXXP (16th May) 550c, bought for 0.70 in 14k.
AUD: Another push higher for the Aussie
May-05 08:57
- The Aussie finds another round of demand, the G10 worst performers are the USD, CAD, GBP and the SEK in that order.
- The AUD is up across all the majors, putting aside the TWD which is up 1.60%, with Overnight desks suggesting some Exporter demand in TWD.
- Next immediate support in EURAUD is seen at 1.74536 (prices are according to Bloomberg), the very short term 76.4% retracement taken from the 2nd April Tariffs day.
(Chart source: MNI/Bloomberg).
OPTIONS: Expiries for May05 NY cut 1000ET (Source DTCC)
May-05 08:53
- EUR/USD: $1.1073(E2.4bln), $1.1100($1.5bln), $1.1120-25(E1.1bln), $1.1190-00(E2.0bln), $1.1285-00(E3.0bln), $1.1400(E636mln)
- GBP/USD: $1.3100-20(Gbp529mln)
- EUR/GBP: Gbp0.8525(E740mln)
- AUD/USD: $0.6500(A$509mln), $0.6550-60(A$1.0bln), $0.6635-45(A$1.1bln)
- USD/CAD: C$1.3865-70($2.6bln)
