In Spain the synthetic index for the PMI/Markit survey shows stabilization in the manufacturing sector. In Italy the trend is upward but does not converge yet to stabilization (49.1 for the index). This can be seen on Chart 1.
In Spain the index is at 50 showing a stable activity for the first time since April 2011. The really good news is that the impulse comes from the New Export Orders index which jumped to 54.9 in June. It’s a very important first step for global economic stabilization in Spain
In Italy the main catalyst was production and if the New Export Orders remains above 50 (52.2) there is no spike comparable to Spain’s.

This is the first step for a renewal in the South