Yesterday's session brought Spanish and Italian Manufacturing PMI figures as well as German Unemployment Change and Eurozone Unemployment rate data. A pick-up in growth was recorded in the Spanish manufacturing sector during November, with output and new orders both increasing at faster rates. This encouraged greater purchasing activity and a buildup of inventories. Meanwhile, falling raw material costs continued to lead to reductions in both input prices and output charges. The seasonally adjusted Markit Spain Purchasing Managers’ Index rose to 53.1 in November from 51.3 in October, thereby signalling a solid and stronger improvement in the health of the sector. Analysts were anticipating incline to 51.9.

The Italian manufacturing sector continued to grow at a solid pace during November. Goods producers recorded the strongest rises in output, new orders and employment for four months, with the upturns underpinned by firmer demand in the domestic market as well as solid and accelerated growth in new export orders. Meanwhile, falling raw material costs led manufacturers to trim output charges for a third consecutive month. At 54.9, up from October’s 54.1, the headline Markit/ADACI Italy Manufacturing Purchasing Managers’ Index recorded its highest reading for three months. Analysts were predicting incline to 54.3

The euro area (EA19) seasonally-adjusted unemployment rate was 10.7% in October 2015, down from 10.8% in September 2015, and from 11.5% in October 2014. No change was expected.This is the lowest rate recorded in the euro area since January 2012. The EU28 unemployment rate was 9.3% in October 2015, stable compared to September 2015, and down from 10.1% in October 2014. This is the lowest rate recorded in the EU28 since September 2009.

Earlier today, German Unemployment Change figures were released. The jobless rate fell to 6.3% in November, the lowest level since German reunification, from 6.4% the previous month, data from the Federal Labor Agency in Nuremberg showed on Tuesday. The number of people out of work declined a seasonally adjusted 13,000 to 2.77 million. Economists predicted the rate would remain unchanged and the number of jobless would decline by 5,000.

US session was marked by ISM Manufacturing PMI figures. The November PMI registered 48.6 percent, a decrease of 1.5 percentage points from the October reading of 50.1 percent. Analysts were forecasting increase to 50.6. Ten out of 18 manufacturing industries reported contraction in November, with lower new orders, production and raw materials inventories accounting for the overall softness in November.

From Eurozone, Spanish Unemployment and Eurozone CPI data is scheduled for a release tomorrow. Number of unemployed in Spainsh if forecasted to fall by 10,300, while Eurozone CPI should rise by 0.2%.  In the US session ADP job figures are scheduled for a release. Analysts are predicting increase by 191,000.

Figures to watch:

Spanish Unemployment Change (Wednesday 9:00)

CPI (Wednesday 9:00)

ADP Non-Farm Employment Change (Wednesday 14:15)