Spain March services PMI 53.3 vs 50.5 expected

Latest data released by HCOB - 7 April 2026 Prior 51.9Well, don't let the headline estimate fool you. Spain's services sector increased solidly last month owing to a further rise in new business received by companies. However, new order growth softened to its lowest level in nine months as the latest Middle East developments start to give rise… Well, don't let the headline estimate fool you. Spain's services sector increased solidly last month owing to a further rise in new business received by companies. However, new order growth softened to its lowest level in nine months as the latest Middle East developments start to give rise to uncertainty. Of note, new export sales declined again, whilst confidence in the outlook was the lowest since September 2023. Besides that, higher energy prices are also starting to be a factor as overall operating expenses rose at a rate not seen since April 2023. That comes as input price inflation surges and is going to become more and more of a problem in the months ahead. For traders, the practical value is less about the headline alone and more about how it changes context, sentiment and the quality of the next decision. Watch follow-through, not just the first reaction: liquidity, volatility and confirmation across related assets usually tell the real story.