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Germany’s economy showed no quarterly expansion in Q3, with GDP (QoQ) coming in at 0.0%, matching expectations and improving from –0.2% previously. On an annual basis, GDP (YoY) grew 0.3%, in line with forecasts and unchanged from the prior reading. The data points to a stagnant but stabilizing economic backdrop as Germany continues to struggle with weak industrial output and soft external demand.

Market impact: Neutral for EUR; flat but stable growth offers no major shift in economic momentum.

France’s auto market showed a mixed performance in October. Year-on-year car registrations grew 2.9%, improving from the previous 1.0%. However, monthly registrations declined 0.6%, reversing part of last month’s sharp 59.8% jump. The data reflects steady underlying demand but some pullback after an unusually strong prior month.

Market impact: Neutral for EUR; resilient YoY growth offsets the softer monthly reading.

Germany’s auto market expanded in October, though at a softer pace. Monthly car registrations rose 6.2%, easing from the previous 13.7% gain. Year-on-year registrations increased 7.8%, also below the prior 12.8% rise. The data indicates continued demand resilience, albeit with moderating momentum.

Market impact: Neutral for EUR; growth remains positive but shows signs of cooling in Germany’s auto sector.

Italy’s auto market softened in October, with monthly car registrations slipping 0.7%, reversing part of the previous month’s sharp 88.4% surge. Year-on-year registrations also declined 0.5%, compared with a 4.2% increase previously, signaling cooling demand amid broader economic uncertainty.

Market impact: Mildly negative for EUR; weakening auto-sector indicators highlight softer consumer activity in Italy.

The latest reading shows U.S. M2 Money Supply remained broadly unchanged in October, holding near $22.21 trillion, the level recorded previously. The stable figure reflects a steady liquidity backdrop as markets await clearer signals from the Federal Reserve’s December policy meeting.

Market impact: Neutral for USD; steady money supply suggests no immediate shift in liquidity conditions.

France’s Treasury auctions showed slight adjustments across maturities. The 12-month BTF yield eased to 2.078% from 2.084%, while the 3-month BTF yield inched higher to 2.041% from 2.027%. The 6-month BTF yield also moved up to 2.053%, compared with 2.041% previously. The results signal broadly steady investor demand with marginal yield repricing across the curve.

Market impact: Neutral for EUR; stable short-term yields indicate steady funding conditions and unchanged rate expectations.

Germany’s November Ifo survey showed a mild weakening in forward sentiment. Business Expectations came in at 90.6, below the forecast of 91.4 and down from 91.6 previously. Current Assessment slightly improved to 85.6, beating expectations of 85.5 and rising from 85.3. The Ifo Business Climate Index printed 88.1, missing the expected 88.6 and easing from 88.4 prior. The data suggests lingering caution among German firms despite a marginal improvement in perceived current conditions.

Market impact: Slightly negative for EUR; weaker expectations highlight ongoing uncertainty in Europe’s largest economy.

Switzerland’s labor market showed stability in the third quarter, with Employment Level unchanged at 5.532 million. The data points to a steady jobs environment, reflecting resilience in hiring conditions despite broader global economic uncertainties.

Market impact: Neutral for CHF; stable employment signals no immediate shift in economic or policy expectations.

Eurozone economic activity delivered a mixed performance in November. Manufacturing PMI slipped to 49.7, below expectations of 50.1 and slightly under the previous 50.0, returning the sector to mild contraction.

The Services PMI improved to 53.1, beating forecasts of 52.8 and above the prior 53.0, signaling continued resilience in the services sector. The Composite PMI came in at 52.4, just shy of the expected 52.5 and unchanged from last month’s overall momentum, pointing to steady but moderate expansion across the bloc.

Overall, the data suggests a two-speed economy—services holding firm while manufacturing loses traction.

Market impact: Neutral to slightly positive for EUR; stronger services offset softer manufacturing but offer limited upside.

Switzerland’s M3 money supply rose to CHF 1,203.0B in October, up from CHF 1,193.3B previously. The increase reflects a modest expansion in liquidity within the Swiss financial system, supported by stable credit conditions and steady deposit growth.

Market impact: Neutral for CHF; gradual money supply growth offers limited directional signals for monetary policy.

France’s Business Survey index fell to 98 in November, below expectations of 100 and down from 101 previously. The decline signals softer corporate confidence amid weak demand, tighter financial conditions, and ongoing uncertainty across the Eurozone economy.

Market impact: Mildly negative for EUR; weaker business sentiment reinforces concerns over slowing French and Eurozone growth.

Eurozone construction activity weakened in September, with output falling 0.49% MoM, a sharper decline compared with the prior 0.19% drop. The data highlights persistent softness in the region’s building sector, pressured by higher financing costs and subdued investment demand.

Market impact: Mildly negative for EUR; weaker construction output adds to concerns over sluggish Eurozone growth.