He Spain services PMI published by HCOB has fallen 2.1 points in October, placing it at 54.9 compared to 57 in September. This is its lowest level in two months. The figure has disappointed expectations, since a decline to 56.6 was expected.
Despite the fall, the services sector in Spain remains in expansion territory for the fourteenth consecutive month.
According to the HCOB statement, activity and new orders are increasing considerably again. Job growth hits its highest level in 18 months, as wage costs drive inflation in prices paid.
Euro reaction
The Euro is falling sharply against the Dollar due to the foreseeable victory of Donald Trump in the US elections. The pair has fallen to four and a half month lows at 1.0702. At the time of writing, EUR/USD is trading above 1.0765, losing 1.47% on the day.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
