SPAIN DATA: October Services/Composite PMI: More Solid Domestic Demand Signals
Nov-05 08:21
Spanish domestic demand remains solid according to the October PMI round, with today’s stronger-than-expected services reading building on the signals from Monday’s manufacturing print. The services and composite readings reached year-to-date highs in October
- MNI: SPAIN OCT SERV PMI 56.6 (54.5 FCAST, 54.3 SEP)
- MNI: SPAIN OCT COMP PMI 56.0 (54.3 FCAST, 53.8 SEP)
Key notes from the release:
- “Panellists linked growth of activity to a mixture of commercial actions, work on existing contracts and increased levels of incoming new work”
- “New business gains were principally driven by domestic clients as new export work rose only slightly. There were reports of an uncertain international environment weighing on foreign demand.”
- “Higher new work encouraged firms to take on additional workers, with employment reported to have risen again during October in line with a trend that stretches back over three years”
- “Panellists are forecasting an uplift in demand and are planning to expand their commercial activities. Overall, sentiment rose to its highest level since March”
- “Input cost inflation dropped to a three-month low”….“ In response to higher input costs, firms sought to protect their operating margins in October by increasing their own selling prices.”
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SONIA OPTIONS: Put Spread, Spread
Oct-06 08:20
SFIF6 96.20/96.10ps vs 0NF6 96.30/96.20ps, bought the front for half in 5k.
FRANCE: Lecornu Resigns After Naming Largely Unchanged Government
Oct-06 08:13
French Prime Minister Sébastien Lecornu has presented his resignation to President Emanuel Macron after a broadly unchanged government Lecornu named on Sunday evening was criticised by party leaders from both the right and the left. Bloomberg reports that Lecornu will deliver press remarks in Paris at 10:45 CET, 09:45 BST, 04:45 ET.
- Politico described Lecornu's government as "a sign that the political forces represented in Macron's successive administrations remain broadly the same, despite Lecornu's being the French president's fifth prime minister in less than two years.”
- Lecornu’s resignation comes after a Friday move to rule out using Article 49.3 of the French constitution to pass a budget without a parliamentary vote, and a parallel bid to agree on a ‘non-aggression pact’ between competing parties failed to ease concerns with Socialists.
- Le Monde reports, “Over the weekend, Lecornu sent a letter to the leaders of Macron's centrist camp and LR pleading for unity. "With only a very narrow majority, the government will have to make compromises with other political groups, without abandoning its convictions.”
- Socialist Party leader Olivier Faure said this morning, "The prevailing sentiment is one of dismay ... The reality is that we are witnessing an unprecedented political crisis."
- National Rally President Jordan Bardella said, "There can be no return to stability without a return to the polls and without the dissolution of the Assemblée Nationale,"
- Mathilde Panot of the leftist Insoumise party wrote on X, “we demand the immediate examination of the motion filed by 104 deputies for the impeachment of Emmanuel Macron.”
GOLD: Heading towards $4000.00
Oct-06 08:10
- Despite the Dollar Bid, Gold is still acting as a much better Safer Haven, at a new all time record high, next projection comes at $3987.3 - 2.236 proj of the May 15 - Jun 16 - 30 price swing.
- But the Globe will be fixated on the big Psychological $4000.00 round number.
