Italy, Spain Factories Falter as New Governments Awaited

Manufacturing in Spain and Italy doesn’t provide particularly optimistic readings for the new governments due to take over as soon as Friday. While both are still growing, Spain’s gauge of activity is the lowest in nine months, while Italy’s is the weakest since 2016. IHS Markit, which publishes the monthly PMI, said expansion in Spain peaked earlier this year, while weaker export order growth in Italy means the euro area’s third largest economy is losing the “principal driver” of its recent industrial growth.

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