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On May 17, 2025, the Swiss Federal Statistical Office reported that industrial production rose by 8.5% year-on-year in the first quarter, far above the 2.1% in Q4 2024, driven by strong gains in machinery, chemical and energy sectors.

On May 16, 2025, France’s national statistics office (INSEE) reported that the unemployment rate in the first quarter stood at 7.4%, exactly in line with forecasts and up marginally from 7.3% in Q4, pointing to a slight softening in labor market conditions.

Siemens ADR (SIEGY) reported Q1 2025 earnings of $1.58 per share, outperforming the expected $1.31. Revenue also exceeded forecasts, reaching $22.1 billion compared to the anticipated $20.81 billion. With total assets at $194.19 billion, Siemens continues to benefit from strength in industrial automation, energy, and smart infrastructure demand globally.

Eurozone GDP grew 0.3% quarter-over-quarter in Q1 2025, slightly below expectations of 0.4%, but an improvement from 0.2% in Q4 2024. On a yearly basis, GDP rose 1.2%, in line with both forecasts and the previous year’s growth, indicating steady, though moderate, economic expansion.

Industrial production surged in March, rising 2.6% MoM, well above the expected 1.9% and up from 1.1% in February. On a yearly basis, production grew 3.6%, significantly beating the 2.5% forecast and showing strong momentum across the manufacturing sector.

On May 14, 2025, Germany’s Federal Statistical Office reported that consumer prices rose by 2.1% year-on-year in April, matching expectations and down from March’s 2.2%. On a month-on-month basis, prices increased by 0.4%, in line with forecasts and up from a 0.3% gain in March, signaling short-term upward pressure on household costs.

On May 14, 2025, the ZEW Institute’s survey of European investors showed the EU Economic Sentiment index at 11.6 for May, far above the forecasted –3.5 and a strong rebound from April’s –18.5. This turnaround signals a marked improvement in investor expectations for the eurozone economy in the coming months.

On May 14, 2025, the ZEW Centre’s monthly survey showed that Germany’s ZEW Current Conditions index for May dropped to –82.0, worse than forecasts of –77.0 and below April’s –81.2, reflecting deteriorating assessments of the economic situation. Meanwhile, the ZEW Economic Sentiment index jumped to 25.2, well above forecasts of 10.7 and reversing from –14.0 in April, indicating sharply improved investor expectations for the months ahead.

On May 7, 2025, Eurostat released data showing that EU retail sales fell by 0.1% month-on-month in March, matching expectations of a 0.1% decline and reversing February’s 0.2% gain. On an annual basis, sales rose by 1.5%, shy of the 1.6% forecast and down from February’s 1.9%, indicating a broad softening in consumer demand across the bloc.

Eurozone PPI fell by 1.6% MoM in March, deeper than expectations of a 1.4% decline and far below February’s 0.2% rise. On an annual basis, prices rose 1.9% YoY, easing from 3.0% in the previous month. The drop reflects lower energy and input costs, indicating weaker pipeline inflation pressures, which may support the ECB’s case for future rate cuts.

The latest Purchasing Managers’ Index (PMI) data indicates a slowdown in economic momentum across Europe. While service sector readings in several European countries beat market expectations, they still declined compared to March. As a result, both the Eurozone Composite and Services PMI slipped back into contraction territory. A similar pattern emerged in the UK, where weaker services activity dragged the overall economy lower, reinforcing signs of softening growth across the region.

The HCOB Eurozone Services PMI edged lower to 50.1 in April, down from 51.0 in March, though still better than the forecast. The Composite PMI also eased slightly to 50.4 from 50.9, signaling slower but continued expansion across the Eurozone’s private sector.

France’s HCOB Services PMI slipped to 47.3 in April from 47.9 in March, slightly outperforming expectations of 46.8. The Composite PMI also edged down to 47.8 from 48.0 yet came in better than the 47.3 forecast. Despite the declines, the results suggest a slower contraction than anticipated, indicating some resilience in the French economy.