Sometimes we just have to be grateful for the small things. It passed largely unnoticed but the small print on Wednesday included a rise in the Spanish services PMI for the first time in 26 months. It was a stronger than expected print of 50.4 and though only the first in hopefully a series above the 50 mark in quite some time, it does suggest some stabilization, particularly after data earlier in the week showed Spain’s manufacturing sector grew in August for the first time since April 2011. Coming ahead of the ECB meeting, it will add to a little more hawkish expectation around the European Central Bank. Of course while the Spanish economy, the fourth largest in the euro zone, may have stopped shrinking, it has yet to grow significantly and there is still a lack of employment and credit hampering any true recovery. The euro hardly budged on the news and has remained oversold, with a 14-day exponential relative strength index print of 27.135 on Wednesday, every trading day this week. Still, given the large unemployment levels and the depths of the recession, euro investors and the Spanish people are undoubtedly glad of any movement forward. It was not so long ago that investors were concerned that Spain was too big to bail out.