Events that marked the week:
From Eurozone, on Monday, Spanish Manufacturing PMI figures were released. The Spanish manufacturing sector moved closer to stagnation in July as new orders and purchasing activity decreased and output growth slowed. On a more positive note, firms continued to take on extra staff at a solid pace. On the price front, a modest increase in input costs was recorded, while output prices were raised for the first time in just over a year.The PMI posted 51.0 in July, down from 52.2 in June and thereby pointing to a weaker improvement in the health of the sector. In fact, the latest strengthening of business conditions was the least marked since the end of 2013.
Tuesday brought Spanish Unemployment Change figures. The number of unemployed registered at the offices of the Public Employment Services has dropped in July in 83,993 persons in relation to the previous month. This is the largest decline in July since 1997. Thus, the total number of registered unemployed stood at 3,683,061, the lowest since August 2009. During the last 8 years in this month, registered unemployment decreased by an average of 37,000 people.
This week markets will be looking at:
German Prelim GDP (Friday 8:00)
Flash GDP (Friday 11:00)
