Italy December manufacturing PMI 48.5 vs 48.5 expected

• Prior 48.4

The contraction in manufacturing activity across Europe continues to play out, with Italy seeing another drop as well. But at least the drop in output is the softest among the current six-month sequence. S&P Global notes that:

"The Italian manufacturing sector remained mired in a downturn during December, as production and order books continued to decline, albeit at softer rates.

"Notably, data highlighted reductions in stocks of both purchases and finished goods for the first time since May, highlighting ongoing efforts amongst firms to optimise inventories amid the weak economic climate.

"Some positive news came with respect to business confidence, as sentiment strengthened to a sevenmonth high. Panellists cited hopes of a recovery in demand and planned investments.

"That said, with the sector remaining in contraction territory in the final month of 2022, the PMI data hint at ongoing challenges as we enter 2023."

/EUR EUR The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value The euro (EUR) is the official currency of the European Union (EU) and 19 of 27 member states at the time of writing. It is the second most-traded currency worldwide in forex markets after the US dollar.The euro was originally introduced back on January 1, 1999, having replaced the European Currency Unit. Banknotes and physical euro coins subsequently entered circulation only in 2002.Upon its adoption, the euro replaced domestic currencies in participating EU member states. The rise in its value Read this Term