First out of the gate for the major European PMI reporters: Spain.PMI just rose their to 46.1, up from 44.6 last month.
This is a very “green shoots” type of report.
A PMI reading below 50 signals contraction in the manufacturing sector.
But this number is less-worse than previous months, so it’s a second-derivative gain.
This paragraph from the press release was very characteristic of the whole report:
Total new orders continued to contract at a solid pace, although the rate of decline eased to the weakest since June 2011 as a result of increased new export orders. New business from abroad rose for the third time in the past four months, and at a broadly similar pace to that seen in December.
And finally, here’s a chart showing the improvement.
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