Italian S&P Global Manufacturing PMI (Jul) 51.3 vs Exp. 52.3 (Prev. 52.2)

"On the surface, July maintained a positive headline PMI reading and signalled sustained growth in output, but to fully understand the environment in which Italian manufacturers are operating in, we must look at the subindices, as they revealed subdued demand and raised levels of hesitancy at businesses and their customers alike. "Since the initial boost from safety stockpiling efforts has faded, firms are taking a more cautious approach by lowering their purchasing volumes and employment numbers.