AI 摘要
西班牙制造业PMI降至49.7，低于预期的51.0，显示出制造活动的收缩。新订单大幅减少和产出下降是主要原因，且中东冲突加剧了市场需求的疲软，导致生产连续三个月下降。
原文内文
Manufacturing PMI 49.7 vs 51.0 expected Prior 51.2 That's a notable miss on estimates as Spanish manufacturing activity slumped to a marginal contraction in June. A steeper drop in new orders and lower output underpins the deterioration of manufacturing sector. Meanwhile, high prices and unwinding of client stockpiling leads to lower sales. The Middle East conflict continues to weigh heavily on market demand, leading to an accelerated and marked drop in new orders. As such, production also fell for the first time in three months. Besides that, S&P Global highlights the pain points on supply chains and prices too: "Regarding supplier performance in June, the impact on supply chains of the Middle East conflict was again keenly felt. Whilst easing on May’s recent record, vendor delivery times deteriorated to a historically marked degree. Firms reported that supply chains remained under noticeable stress, with shipping delays and stock shortages at vendors common. Supplier prices were also reported to be still rising in June and meant that cost inflation was still elevated, despite easing quite noticeably on May’s four-year high. The impact of elevated oil and gas prices due to the conflict in the Middle East was reported to be pushing up prices for a wide range of goods from suppliers. Similarly, manufacturers themselves chose to increase their own charges, with the latest data showing the steepest rise in output prices since October 2022." That's not a good look if the trend catches on elsewhere in the region, which is likely, and carries over into the summer. Stagflation much? This article was written by Justin Low at investinglive.com.