Spain PMI at a 84-month high
Markit’s June Manufacturing PMIs for the Eurozone came out this morning. And overall, the numbers showed less strength across the board, with France showing particular weakness.
The question now goes to the policy framework Europe is using. Supposedly, Europe has ended its austerity framework, at the behest of the Italian Premier Renzi. That’s good for Spain because the debt deflation dynamics will come back straight away if policy is restrictive enough.
Let’s see how long this policy repireve lasts.