Spain is HOT.
The service PMI report in December surged to 54.2 from 51.7 according to Markit, registering the sharpest rise in activity in years.
Here’s the quick summary of the report:
The solid gains aren’t being seen everywhere in Europe.
Italy, for example, has registered its second straight month of contraction in the service sector.
France, too, is seeing shrinkage.
But again, the big story is what a tear Spain is on. The country’s stock market is modestly in the green after that report.
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