Spanish and Italian Manufacturing PMI rose in April

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Monday, May 02 2016

Operating conditions in the Spanish manufacturing sector continued to improve in April as production increased markedly. That said, slower rises in new orders, employment and purchasing activity were recorded. Meanwhile, the rate of input cost deflation slowed sharply and was the weakest in eight months. The seasonally adjusted Markit Spain Purchasing Managers’ Index posted 53.5 in April, up fractionally from 53.4 in the previous month and signalling a further solid improvement in the health of the sector. Business conditions have now improved in each of the past 29 months.

The upturn in Italy’s manufacturing economy gathered speed at the start of the second quarter, with production growth picking up amid a faster increase in new orders. Both employment and purchasing activity were raised accordingly. Meanwhile, there were further cuts to producer prices as purchasing costs continued to tumble. The headline Markit/ADACI Italy Manufacturing Purchasing Managers’ Index climbed to 53.9 in April from March’s 53.5, signalling the strongest improvement in business conditions in 2016 so far. The index was also slightly above its average for 2015.

Euro is currently being traded few points below 1.1460 level. Pair is likely to find support around 1.1420 handle and resistance above 1.15 level. Later today, in the US session, ISM Manufacturing PMI figures will be published.

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