UKRAINE: Zelenskyy Confirms 'Coalition Of Willing' NSA & Ldrs Meetings Next Week

• MNI: EUROZONE NOV FINAL MANUF PMI 49.6 (49.7 FLASH 50.0 OCT)

The Italian November manufacturing PMI was stronger-than-expected at 50.6 (vs 50.1 cons, 49.9 prior), its highest since March 2023.

An improvement in international demand follows on from Friday’s Q3 GDP report, where net exports made a positive contribution to sequential growth. There were some continued signs of softness for the consumption outlook though, with the consumer goods sector contracting in November and overall employment falling. 

Key notes from the release:

• “Supporting the positive reading was growth in output and new orders, as well as longer delivery times – traditionally a sign of busier supply chains.”
• “The consumer goods sector bucked the wider trend of growth, with both capital and investment segments seeing modest gains in November.”
• “Anecdotal evidence revealed that firms saw greater interest from both domestic and international clients. Indeed, new orders from abroad rose in November, marking the first increase in six months.”
• “With production growth below trend, firms continued to make cutbacks to their payroll numbers, through dismissals and opting not to replace voluntary leavers. The rate of job shedding was the strongest in four months.”
• “Reflective of inflated raw material prices, operating expenses facing goods producers rose at the sharpest rate seen in exactly three years. Although firms passed on some of the burden through to customers, the increase in selling prices was comparatively mild.”
• “Set on an improvement in market conditions, Italian manufacturers were confident that output would rise over the coming 12 months”

• MNI: GERMANY NOV FINAL MANUF PMI 48.2 (48.4 FLASH, 49.6 OCT)