Spain Manufacturing PMI in February 2018
According to a report by Markit Economics, the Spain Manufacturing PMI (Purchasing Manufacturers’ Index) rose to 56 in February compared to 55.2 in January 2018. The figure beat the preliminary market estimate of 54.7.
The performance of the Spain Manufacturing PMI in February was mainly due to the following:
- Production volume and output showed a stronger improvement in February compared to January.
- Factory activity improved at a faster rate in February.
- New business orders and export orders showed stronger improvement in February.
- Employment in the manufacturing sector rose at a higher rate in February.
Performance of ETFs in February
The iShares MSCI Spain Capped (EWP), which tracks Spain’s performance, fell 7.7% in February 2018. The Vanguard FTSE Europe ETF (VGK), which tracks Europe’s economic performance, fell 6.1% in February 2018.
Stronger client demand from both the overseas and domestic markets mainly boosted production output in February 2018. Although the Eurozone’s economy was under huge pressure in February due to rising uncertainty about its political environment, Spain’s business sentiment was higher that month.
In the next part of this series, we’ll analyze the final Eurozone Manufacturing PMI for February 2018.