(UU; Baa1/BBB+/A-) * IPT: Exp. EUR500m 10Y Green MS+145-150 (market sources). * Secondary is curren...
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Dutch flash HICP inflation fell to 2.77% Y/Y in June, down from 2.94% in May and broadly inline with the 2.8% consensus estimate (which only consisted of 5 analysts). This equates to a 0.00% M/M sequential reading (0.0% cons). There were multiple moving parts in the release, with services partially reversing higher (as we hypothesised following the May final data), lower core goods and food/alcohol/tobacco, and firmer energy (as was the case more widely in the Eurozone in June).
In contrast to Spain, the Italian manufacturing PMI was weaker-than-expected at 48.4 (vs 49.5 cons, 49.2 prior). The index has now been in contractionary territory for 15 consecutive months. However, as in Spain, it was another report that flagged weakness in export orders alongside reductions in output charges.
Key notes from the release: