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Eurozone employment showed modest but steady growth in the third quarter. Quarterly employment rose 0.1%, matching expectations and maintaining the pace seen previously.

On a yearly basis, employment increased 0.5%, slightly below the prior 0.6%, but still indicative of a resilient labor market despite weak economic momentum.

Total employment in the bloc reached 170.28 million, up from 170.07 million in the previous quarter.

Market impact: Neutral for EUR; stable labor conditions support the economy but offer no major shift to the ECB’s policy outlook.

Italy recorded a €2.852 billion trade surplus in September, slightly below expectations of €3.18B but well above the previous €1.875B, supported by stronger exports and softer import demand.

Trade with EU partners was nearly balanced, with the EU trade balance at –€0.04B, reflecting stable intra-European flows and muted demand across the region.

Market impact: Neutral for EUR; stable trade performance supports Italy’s external position but does not materially shift Eurozone outlook.

Spain’s inflation remained broadly stable in October. Headline CPI rose 3.1% year-on-year, in line with expectations and slightly above the prior 3.0%. Monthly CPI increased 0.7%, reversing last month’s decline.

Core CPI stayed unchanged at 2.5%, matching forecasts and indicating persistent underlying price pressures despite easing energy costs.

EU-harmonised inflation also held firm: HICP rose 3.2% YoY, while the monthly print increased 0.5%.

Market impact: Neutral for EUR; stable headline and core inflation suggest no immediate shift in ECB policy expectations.

French inflation cooled again in October, with headline CPI rising 0.9% year-on-year, below the prior 1.0% and marking continued disinflation. On a monthly basis, CPI increased 0.1%, in line with expectations.

EU-harmonised inflation also softened: HICP rose 0.8% YoY, down from 0.9%, while monthly HICP gained 0.1%.

Inflation excluding tobacco eased to 0.9% YoY, from 1.1%, highlighting broad moderation across consumer categories.

The slowdown was driven by easing food and energy pressures, though services inflation remains relatively sticky.

Market impact: Mildly negative for EUR; softer French inflation adds to the Eurozone’s broader disinflation trend and strengthens the case for future easing.

The Eurozone’s Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) rose to 51.71 in November, up from 49.53 earlier. The improvement reflects easing inflation pressures, better wage growth, and stabilizing energy costs, though overall confidence remains restrained by weak industrial output and subdued economic momentum.

Market impact: Mildly positive for EUR; firmer consumer sentiment provides some support but does not materially shift the region’s cautious macro outlook.

France’s Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) declined to 38.94 in November from 40.61 previously, marking a noticeable deterioration in household confidence. The drop reflects rising concerns over weak economic momentum, elevated living costs, and softer labor market signals.

Market impact: Mildly negative for EUR; declining consumer sentiment adds to evidence of weakening demand across the Eurozone’s major economies.

Germany’s Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) rose to 46.47 in November, up from 45.75 previously. The improvement signals slightly stronger household confidence, supported by easing inflation and a modest pickup in wage growth, although overall sentiment remains fragile amid weak industrial activity and recession risks.

Market impact: Neutral to mildly positive for EUR; firmer consumer sentiment offers limited support but does not alter the broader cautious outlook for the Eurozone economy.

Italy’s Thomson Reuters/Ipsos Primary Consumer Sentiment Index (PCSI) inched up to 45.53 in November from 45.12 previously, signaling a modest improvement in household confidence. The rise suggests stabilizing sentiment despite persistent economic pressures, including high borrowing costs and weak industrial activity.

Market impact: Neutral for EUR; the slight uptick offers mild support but does not materially change the wider economic outlook.

Italy’s latest BTP auctions showed a slight rise in yields across key maturities.

• The 3-year BTP yield increased to 2.38%, up from 2.36%.
• The 30-year BTP climbed to 4.30%, compared with 4.26% previously.
• The 7-year BTP yield eased slightly to 3.00%, down from 3.05%.

The mixed outcome reflects steady investor demand while long-term yields remain elevated on persistent inflation concerns and broader Eurozone fiscal pressures.

Market impact: Neutral for EUR; modest shifts in yields suggest stable demand with limited impact on short-term currency direction.

Eurozone industrial production increased 0.2% month-on-month in September, below expectations of 0.7%, but still a rebound from the 1.1% contraction seen previously. On an annual basis, output grew 1.2%, matching the prior reading but falling short of the 2.1% forecast.

The data shows only a mild recovery, with manufacturing activity remaining constrained by weak external demand and subdued domestic spending.

Market impact: Mildly negative for EUR; softer industrial momentum reinforces concerns over the Eurozone’s sluggish growth outlook.

Switzerland’s Producer Price Index (PPI) declined 0.3% month-on-month in October, a deeper drop than expected (-0.1%) and below the previous -0.2%. On a yearly basis, producer prices fell 1.7%, extending the deflationary trend driven by lower energy costs and easing supply-chain pressures.

The sustained softness in producer prices highlights weak pricing power across Swiss industry, reinforcing expectations that inflation will remain subdued.

Market impact: Neutral to mildly negative for CHF; persistent producer price deflation may temper expectations for tighter monetary policy.

France’s unemployment rate edged up to 7.7% in the third quarter, slightly above expectations of 7.6% and unchanged from the previous reading. The mild increase reflects softer hiring momentum amid slowing economic activity across the Eurozone, especially in services and manufacturing.

Market impact: Mildly negative for EUR; higher unemployment may reinforce concerns over weakening labor conditions and subdued regional growth.