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Spanish and Italian Manufacturing PMI dropped in August

Tuesday, Sep 01 2015
Spanish Manufacturing PMI dropped for the third successive month to 53.2 in August, down from 53.6 in the previous month. Analysts were forecasting incline to 53.9. That said, business conditions still improved solidly over the month and the health of the sector has strengthened continuously since December 2013. While output rose sharply, there were signs of a slowdown in growth of new orders during the month. This combination resulted in backlog depletion and a build-up of stocks of finished goods. Meanwhile, input costs were broadly unchanged and firms lowered their output prices for the second month running. 
 
Italian Manufacturing PMI slipped to 53.8 in August, down from July’s 51month high of 55.3 and its lowest since April. The index has now posted above the 50.0 no-change mark, signalling improving business conditions, for seven months in a row. After peaking in July, rates of expansion in output and new orders eased, though nevertheless remained solid overall. There were also slowdowns in growth of both goods producers’ buying levels and employment. Elsewhere, survey data showed a fall in average costs in the sector for the first time in six months, albeit only marginal.  
 
Euro is currently being traded few points below 1.13 handle. Pair is likely to find support around 1.12 area and resistance above 1.1350 level. Later today, Eurozone Unemployment Rate figures are scheduled for a release.
More in this category: « RBA left interest rates unchanged, eyes on China UK Manufacturing PMI unexpectedly fell in August »

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