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EnglishپارسیEnglishپارسیKEY FIGURES
WHAT IT MEANS
After persistent inflation, headline prices dipped month-on-month—marking the first decline this year—while core inflation edged up slightly, signaling sticky underlying pressures in services and goods.
MARKET REACTION
The euro strengthened modestly and Spanish bond yields eased as markets anticipated reduced pressure on the ECB to accelerate stimulus withdrawal.
OUTLOOK
Investors will look to next month’s retail sales and ECB minutes for confirmation of whether the disinflationary trend will continue.
KEY FIGURES
WHAT IT MEANS
The unexpected rise to 101.1 signals strengthening early-cycle momentum in the Swiss economy, suggesting improved business and consumer sentiment as the country heads into the second half of the year.
MARKET REACTION
The Swiss franc strengthened modestly against the euro, and SMI futures ticked higher as investors welcomed the more positive outlook.
OUTLOOK
Observers will watch upcoming SNB policy minutes and global manufacturing data for confirmation of sustained recovery signals.
KEY FIGURES
WHAT IT MEANS
A 1.0% monthly gain—reversing the prior month’s 0.6% drop—and a 4.9% annual increase highlight renewed consumer spending momentum, suggesting households are regaining confidence amid easing inflation pressures.
MARKET REACTION
The euro strengthened modestly against the dollar and DAX futures edged higher as markets cheered the stronger-than-expected retail rebound.
OUTLOOK
Investors will watch upcoming inflation readings and ECB statements for signals on whether robust domestic demand can support continued economic growth.
KEY FIGURES
WHAT IT MEANS
Consumers stepped up spending after months of weakness, driving a notable bounce in household demand that underpinned the modest acceleration in GDP growth on both quarterly and annual bases.
MARKET REACTION
The euro strengthened against the dollar and CAC 40 futures rose modestly as markets welcomed signs of broad-based recovery in the French economy.
OUTLOOK
Investors will watch upcoming ECB commentary, unemployment data, and business sentiment surveys to gauge whether momentum can be sustained into the second half of the year.
KEY FIGURES
Jobseekers Total (Jun): 2,980.6 K (prev: 3,002.0 K)
WHAT IT MEANS
The slight 21.4 K drop in job seekers signals a modest easing in the French labour market after recent stubbornness in unemployment figures.
MARKET REACTION
The euro held steady and CAC 40 futures edged up as investors welcomed signs of improving domestic employment conditions.
OUTLOOK
Market participants will watch upcoming unemployment‑rate releases and INSEE labour reports, along with ECB commentary, for further insight into eurozone labour‑market momentum.
KEY FIGURES
GDP YoY (Q2): 2.8% (prev: 2.8%)
GDP QoQ (Q2): 0.7% (est: 0.6%; prev: 0.6%)
Retail Sales YoY (Jun): 6.2% (prev: 5.0%)
WHAT IT MEANS
Spain’s economy maintained its 2.8% annual expansion in Q2 while quarter-on-quarter growth picked up to 0.7%, suggesting a modestly faster recovery after winter’s slowdown; meanwhile, a 6.2% jump in retail sales underscores resilient consumer spending.
MARKET REACTION
The euro held near recent highs against the dollar and IBEX futures rose slightly as investors welcomed the combination of steady growth and strong domestic demand.
OUTLOOK
Analysts will monitor upcoming industrial production and the ECB’s September meeting for clues on whether Spain’s momentum can be sustained amid rising global uncertainties.
Eurozone PMI data for July point to continued overall growth driven by the services sector, even as manufacturing remains in slight contraction.
🔹 Key Data:
📊 What it Means:
The services sector’s stronger reading underscores resilient consumer‑facing activity, while manufacturing hovered just below the 50‑point threshold, reflecting modest order weakness. The composite index above 50 signals the Eurozone economy is still growing, albeit at a modest pace.
Germany’s latest PMI readings show barely positive overall growth, underpinned by weak manufacturing and modest services gains.
🔹 Key Data (July):
📊 What it Means:
The composite index above 50 points to marginal expansion, but the manufacturing sector remains in contraction, reflecting ongoing order weakness. Services barely moved into growth, suggesting consumer‑facing businesses are holding ground even as factories struggle.
France’s flash PMI data for July paints a mixed picture, with factories in contraction and services on the cusp of expansion.
🔹 Key Data:
📊 What it Means:
Persistent manufacturing weakness reflects softer orders and output, while services activity hovers just below the 50‑point growth threshold, supported by consumer spending. The composite reading under 50 suggests broadly stagnant business conditions, pointing to muted growth ahead.
Spain’s Producer Price Index (PPI) rose by 0.8% YoY in June, marking a return to positive territory and signaling modest inflationary pressure in industrial sectors.
Meanwhile, Spain’s unemployment rate dropped to 10.29% in Q2, better than the expected 10.60% and down from 11.36% previously indicating gradual recovery in the labor market.
Germany’s GfK Consumer Climate Index fell further in August to ‑21.5, missing expectations of ‑19.4 and marking a deterioration from July’s revised ‑20.3 reading.
📊 What it Means:
High inflation, economic uncertainty, and weak income expectations continue to weigh on household sentiment, posing a challenge to domestic consumption and growth recovery.
The Eurozone's consumer confidence index rose to -14.7 in July, better than both the forecast of -15.0 and June’s -15.3 reading. This marks the highest level since early 2022, though still deeply negative.
🧠 What it Means:
Consumers are slightly more optimistic, likely due to easing inflation and a more stable economic outlook. However, sentiment remains cautious amid lingering uncertainty in global trade and energy markets.