ITALY DATA: Services PMI highest for 2 and a half years
Dec-03 08:51
A strong Italian services PMI (in contrast to the weaker-than-expected Spanish number earlier), with the press release noting that this is the highest print for 2 and a half years. Other highlights from the npress release:
- "The improvement in total new order intakes was domestic-led, as export business returned to contraction in November following a month of growth."
- "Amid reports of higher energy, maintenance, administrative and raw material costs, service providers indicated another increase in their operating expenses... A number of companies also reported higher wage bills."
- "Companies opted to raise their charges in an attempt to recover increased cost burdens, at least partially. Although the rate of selling price inflation was moderate, it reached a four-month high and contrasted with the long-run trend of discounting."
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MNI: FRANCE OCT FINAL MANUF PMI 48.8 (48.3 FLASH, 48.2 SEP)
Nov-03 08:50
- MNI: FRANCE OCT FINAL MANUF PMI 48.8 (48.3 FLASH, 48.2 SEP)
MNI: ITALY OCT MANUF PMI 49.9 (49.3 FCAST, 49.0 SEP)
Nov-03 08:45
- MNI: ITALY OCT MANUF PMI 49.9 (49.3 FCAST, 49.0 SEP)
STIR: EUR Front-end Retains Easing Bias, But Bar To Another Cut Has Been Raised
Nov-03 08:39
Front-end EUR rates continue to embed a modest easing bias, but the median Governing Council member will need to see clear evidence of economic weakness and material inflation undershooting before supporting another cut. Last week’s flash Q3 GDP reports, October inflation readings and signals from President Lagarde’s press conference suggest the bar to one more cut has been raised a little higher.
- The ESTR forward curve is essentially unchanged today compared to just after the ECB’s September decision. The 1y1y rate is currently 1.89%.
- Speaking this morning, Bundesbank President Nagel retained a similar view to before the ECB’s October decision: “In December, we’ll review the new projections — there’ll be new projections then — and then make a decision at this meeting based on that new data”.
- Nagel appears optimistic on growth next year: “We’ll certainly see more growth next year,”….“If the spending on future investments is then properly directed, this fragile seedling can grow into something much bigger, and the economy can gain more momentum”.
- This week's regional data calendar is fairly light. There's probably most focus on German September factory orders/industrial production data after a weak set of readings in August.
- The ECB’s conference on money markets will be held this Thursday/Friday, with opening remarks coming from ECB Executive Board member Schnabel. Anything Schnabel has to say on Eurozone money markets is worth listening to.
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