While manufacturing PMIs slump to 45pt (48.8p) in the EZ, with Germany at 42.4 and France at 43.9, Spain unexpectedly rebounds to May highs: up to 53 (50.5 in August). Italy starts to feel the German cold given its industrial links and falls back (48.3, 49.4p). Time will tell how much European slippage the Spanish economy can withstand but for the time being, this geography, and beta (tier 2 names),…

Singular Bank | According to the Bank of Spain, Spain’s current account balance showed a slight decline during the month of June, moderating its surplus to €5.02 billion, down from €5.56 billion in May. The current account balance in the first six months of the year recorded a surplus of €25.4 billion, an increase of 33% compared with the same period in 2023, according to data published by the Bank…

CdM | The Spanish economy grew by 0.8% in the second quarter of the year, the same as in the previous quarter, and accelerated its year-on-year growth by three tenths of a percentage point to 2.9%, according to the advance National Accounts data published on Tuesday by the National Statistics Institute (INE). Domestic demand contributed two points to year-on-year GDP growth, while foreign demand contributed nine tenths of a point….

March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…

Bankinter| Moody’s with Spain’s credit rating at Baa1 raised its outlook to positive from stable. S&P maintained its rating at A with a stable outlook. Moody’s outlook upgrade is based on a more balanced growth pattern, low private sector leverage, a robust banking sector, a stronger labour market and current account surpluses. S&P maintained its credit rating and stable outlook on the back of “resilient” economic growth, although it notes…

Bankinter : Final CPI January 2024 confirms +3.4% year-on-year (from +3.1% year-on-year previously). Underlying CPI also confirms +3.6% year-on-year (from 3.8% year-on-year previous). Month-on-month 0.1% month-on-month (from 0.0% month-on-month Dec-23) and in the Underlying -0.4% month-on-month (from +0.2% month-on-month Dec-23). Analysis: With no surprises, the final January data confirm the provisional figures. The difference between the General and Underlying Rate narrows to 0.2pp. The increase in the headline rate is…