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Spanish Manufacturing PMI up, Italian PMI fell in February

Tuesday, Mar 01 2016
Despite a slight slowdown in growth in February, the Spanish manufacturing sector continued to record a marked improvement in business conditions in the latest survey period. Moreover, the rate of job creation quickened to a seven-month high. Lower prices for oil and steel were the main factors behind an accelerated pace of decline in input costs, in turn leading firms to lower their output prices. The seasonally adjusted Markit Spain Purchasing Managers’ Index posted 54.1 in February, slightly below January’s reading of 55.4 but still signalling a solid improvement in the health of the sector.
Manufacturing output in Italy rose at the slowest rate for over a year in February, reflecting a further easing in the pace of expansion in new orders. Employment continued to increase, but buying levels stagnated to end a 12-month sequence of growth. Elsewhere, there was a further sharp decrease in manufacturers’ purchasing costs amid lower global commodity prices. The headline Markit Italy Manufacturing Purchasing Managers’ Index registered a 12-month low of 52.2 in February, slipping from January’s 53.2 and falling further below December’s 57-month high.  
 
Euro is currently being traded few points above 1.0860 level. Pair is likely to find support around 1.08 handle and resistance above 1.0950 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.
More in this category: « RBA left interest rates unchanged UK Manufacturing PMI declined more than expected »

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