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Manufacturing PMIs: Second Wave Slows The Recovery Momentum

Activity slowed in November in many European countries, but remained at a relatively fast speed of expansion in most economies, except for Spain and France, where manufacturing activity contracted. Two surprises are worth mentioning: Sweden and Switzerland saw a stronger acceleration of manufacturing activity in October. 


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Markets hurt in the wake of poor EZ figures

MADRID | By Francisco López | Economic confidence dropped again in September to mid-2009 levels highlighting a worsening of the economic malaise in the Eurozone (EZ). The PMI Index fell 1.1 points to 85 points, well below the long term average (100points).


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UPDATED: EU confidence: a rough Autumn ahead?

MADRID | The Corner | UPDATE: Consumer confidence fell to minus 11.4 in September from minus 10.0 in August. Economists had expected a fall to minus 10.5. In major countries, Spanish household consumption is very slowly gaining traction, while France’s economy loses momentum -expect very different behavior in  private consumption patterns in the future, Santander analysts commented on Monday. On the left: eurozone’s consumer confidence since 2002; on the right: EZ credit lending to the private sector since 2002.


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ECB might wait to take further action

Madrid | The Corner | Despite last bad figures of the Eurozone economy, European stock markets are rising on expectations of ECB further action. However, it seems that ECB will wait to see if the actions taken until now and the TLTROs of September and December will take effect. Meanwhile, both Barclays and UBS analysts trust in these measures to support European recovery.


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Spanish services sector keeps giving good news in July

MADRID | The Corner | The headline seasonally adjusted Business Activity Index rose to 56.2 in July from 54.8 in June to signal a faster increase in activity at Spanish services companies during the month. The sharp expansion in activity extended the current sequence of growth to nine months and Spanish service providers saw new business increase at the sharpest pace since late-2006.


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Spanish PMI, the best among EU countries

MADRID | By The Corner | PMI manufacturing in the Eurozone was weaker than expected (51.8 versus 51.9), except for Spain, whose PMI picked up to 54.6 from previous 52.9. The negative note was the French data, which plummeted 1.4 points to 48.5 thus maintaining the country in the economic contraction zone.


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Tobin tax to have a 10% impact on Spanish equity trading volume (ACF)

MADRID | By Jaime Santisteban | Tobin tax will be in place the beginning of 2016 at the latest despite the UK’s finance industry heavyweight challenge. The Spanish government called it a sensible and cautious measure. Crucial questions such as the level of tax or how to levy are still in the air. 


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In a Glimpse- PMI and Central Bank Actions

SAO PAULO | By Marcus Nunes | Markit´s PMI survey is a favorite of central banks and financial institutions. The panel below shows both the global (comprised of 32 countries) and the Eurozone and Japan PMI´s. Trichet´s rate increase ‘folly’ of April and June 2011 as well as Draghi´s “ECB will do whatever it takes” of July 2012 are marked. So is the “Abe effect” in Japan.


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Austerity haunts Germany: Wednesday’s chart

All the way from Afi analysts in Madrid, we got this simple and colourful chart comparing purchasing managers index figures of different countries in September 2011 (because it was the month when global manufacturing activity recorded the latest lowest levels) and March-April 2012, with a third column that brings up the variation between those dates. The fact is that cyclical divergence between the euro zone and the rest of the…


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Écouter! French PMI drops most since November 2008

MADRID | Afi analysts drew today investors’ attention to the widening divergence between the manufacturing cycle of the European Monetary Union and other economic blocs. PMI figures of the manufacturing sector fell again in the euro zone’s aggregate indicator, slipping into activity contraction levels. Apart from China’s, the rest of PMI numbers are either consolidated or approach the expansion area. At Afi, experts forecast a EMU GDP downward correction of 0.1pc…