From Eurozone, yesterday, Spanish and Italian Manufacturing PMI data was released. Business conditions strengthened at a solid pace in December as both output and new orders rose at sharper rates than in November. That said, the rate of job creation eased and was only marginal. Meanwhile, input costs continued to decrease and firms lowered their charges in response. The seasonally adjusted Markit Spain Purchasing Managers’ Index posted 53.0 in December in line with market forecasts, little-changed from 53.1 in November and signalling a further solid monthly improvement in the health of the sector.
Italy’s manufacturing sector ended 2015 growing at the fastest rate since early-2011. December saw sharp and accelerated increases in both production and new orders, while the pace of job creation picked up to a five-month high. Producer prices meanwhile rose for the first time in four months, although only marginally as input costs continued to retreat. The headline Markit/ADACI Italy Manufacturing Purchasing Managers’ Index climbed from 54.9 in November to 55.6 in the final month of the year, its highest reading since March 2011. Analysts were predicting no change.
From Eurozone, tomorrow, Spanish and German Unemployment Change figures are scheduled for a release. Spanish unemployment is expected to decrease by 52,600, while German unemployment should fall by 7,000. Also, CPI data will be published. Analysts are forecasting 0.4% increase. There will be no data releases in the US session.
Figures to watch:
Spanish Unemployment Change (Tuesday 8:00)
German Unemployment Change (Tuesday 9:55)
CPI Flash Estimate (Tuesday 11:00)
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