The Markit just released the Spanish PMI data and there was little change in Spanish manufacturing operating conditions during February. Marginal rise in production was offset by a modest reduction in new work and a near stagnation of employment.

Inventories of finished goods were reduced markedly in response to weakening trends in output and demand, whilst business confidence softened to a three-month low. For now, the Spanish PMI has dropped to 49.9 vs. 52.4 forecast.