Spanish S&P Global Manufacturing PMI (Jun) 49.7 vs. Exp. 51 (Prev. 51.2)

“June data pointed to a contraction in Spain’s manufacturing sector as orders fell noticeably and production was trimmed marginally for the first time in three months" "There was again evidence of an unwinding of some of the safety stock building evident earlier in the year, whilst companies noted that high selling prices were having a negative impact on demand." "...output prices were raised at their fastest rate since the autumn of 2022, which has created some uncomfortable pipeline inflationary pressures....That said, there were some positive developments on this front in June as input prices rose at a noticeably slower (albeit still elevated) pace." "...the recent breakthroughs in ending conflict in the Middle East may help to further alleviate some of these inflationary pressures, although firms retain some degree of caution when assessing the outlook, with confidence still below trend, and employment and purchasing again cut further" "...near-term pressure on production should be expected..."