Spain Services PMI in January 2018
According to a report by Markit Economics, the final Spain Services PMI (Purchasing Managers’ Index) showed solid improvement in January 2018. It was 56.9 in January 2018 compared to 54.6 in December 2017. The figure beat the preliminary market estimate of 55.4.
The Spain Services PMI in January was mostly due to the following:
- Production volume and output rose at a higher rate in January 2018 than in December 2017.
- New business orders and export orders rose at a faster rate in January 2018 than in December 2017.
- Job growth in the services sector rose at a solid rate in January 2018.
Performances of ETFs in January
The iShares MSCI Spain Capped (EWP), which tracks Spain’s equity market (PX1-INDEX) performance, rose 8.6% in January 2018. The iShares Europe (IEV), which tracks Europe’s (VGK) performance, rose 5.5% in January.
Spain’s January services activity was the highest improvement since August 2017. The business confidence index also improved that month. Rising uncertainty about memberships in the European Union is marginally hampering investor sentiment despite strong fundamentals.
In the next part of this series, we’ll analyze the services PMI for the Eurozone in January 2018.