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Italy’s preliminary GDP rose 0.2% QoQ in Q1, beating the 0.1% forecast but slowing from the previous 0.3%. On a yearly basis, GDP expanded 0.7%, above the 0.6% forecast but below the previous 0.8%.

Importance Level: Medium

Possible Market Effect:

The better-than-expected GDP figures may support Italian equity and bond sentiment, but the slowdown versus the previous period suggests the recovery remains modest.

Source: ISTAT

Germany’s preliminary GDP grew 0.3% QoQ in Q1, beating the 0.1% forecast and improving from the previous 0.2%. On a yearly basis, GDP rose 0.3%, matching the forecast but slightly below the previous 0.4%.

Importance Level: Medium

Possible Market Effect:

The stronger quarterly GDP reading may support German equities and eurozone growth sentiment. However, weak labor-market data and softer annual growth limit the positive signal.

Source: Destatis

Germany’s unemployment rate stayed at 6.4% in April, matching the previous reading but above the 6.3% forecast. The unemployment change rose by 20K, much higher than the 4K forecast and the previous 3K increase. The adjusted unemployment total rose to 3.006M from 2.977M, while the non-seasonally adjusted figure eased to 3.008M from 3.021M.

Importance Level: Medium

Possible Market Effect:

The higher-than-expected unemployment change may weigh on German growth sentiment and cyclical stocks. It also reinforces the view that the eurozone labor market is losing some momentum.

Source: Federal Employment Agency of Germany

Spain’s preliminary GDP grew 0.6% QoQ in the first quarter, beating the 0.5% forecast but slowing from the previous 0.8%. On a yearly basis, GDP expanded 2.7%, matching both the forecast and the previous reading.

Importance Level: Medium

Possible Market Effect:

The stronger quarterly GDP reading may support Spanish equities and eurozone growth sentiment, although the slowdown from the previous quarter keeps the outlook more balanced.

Source: INE Spain

Switzerland’s Official Reserve Assets rose to 858.6B in March, up from 856.0B previously. The increase points to a modest rise in reserve holdings.

Importance Level: Low

Possible Market Effect:

The direct market impact is likely limited, but reserve changes may be watched for broader signals around currency management and external buffers.

Source: Swiss National Bank

Switzerland’s KOF Leading Indicator rose to 97.9 in April, beating the 95.8 forecast and improving from the previous 95.6. The data suggests forward-looking economic momentum became less weak than expected.

Importance Level: Medium

Possible Market Effect:

A stronger KOF reading may mildly support Swiss growth sentiment and the Swiss franc, although the index remains below the 100 neutral area.

Source: KOF Swiss Economic Institute

France’s preliminary Non-Farm Payrolls fell 0.1% QoQ in the first quarter, matching both the -0.1% forecast and the previous -0.1% reading. The result points to a broadly stagnant employment picture.

Importance Level: Low

Possible Market Effect:

The unchanged payroll trend may have limited immediate market impact, but it reinforces the view that France’s labor market is no longer adding strong momentum to growth.

Source: INSEE

France’s preliminary April inflation data came in hotter than expected. CPI rose 2.2% YoY, above the 2.0% forecast and stronger than the previous 1.7%. On a monthly basis, CPI increased 1.0%, above the 0.9% forecast and matching the previous 1.0%.

The EU-harmonized measure also strengthened. HICP rose 2.5% YoY, above the 2.3% forecast and higher than the previous 2.0%. Monthly HICP increased 1.2%, beating the 0.9% forecast and rising from 1.1% previously. Producer prices also rebounded, with PPI rising 2.0% MoM from -0.3%, while annual PPI improved to 0.20% from -2.40%.

Importance Level: Medium for CPI/HICP; Low for PPI

Possible Market Effect:

Hotter French inflation may support euro-area bond yields and reduce expectations for a softer ECB stance. However, the market reaction may depend on whether similar price pressure appears in broader eurozone inflation data.

Source: INSEE

Germany’s Import Price Index rose 3.6% MoM in March, matching the 3.6% forecast and sharply higher than the previous 0.3%. On a yearly basis, import prices increased 2.3%, beating the 1.6% forecast and reversing the previous -2.3% decline.

Importance Level: Low

Possible Market Effect:

Higher import prices may revive concerns about imported inflation in Germany, especially if energy costs remain elevated. This could keep euro-area bond yields supported at the margin.

Source: Destatis

Germany’s Retail Sales fell 2.0% MoM in March, much weaker than the -0.3% forecast and the previous -0.3%. On a yearly basis, retail sales also dropped 2.0%, missing the 0.5% forecast and reversing the previous 0.9% growth.

Importance Level: Medium

Possible Market Effect:

The sharp retail sales decline may weigh on German consumer stocks and eurozone growth sentiment. It also strengthens the view that high prices and weak confidence are still limiting household demand.

Source: Destatiss

French Consumer Spending rose 0.7% MoM in March, matching the 0.7% forecast and improving sharply from the previous -1.4% decline. The rebound shows that household consumption recovered after the earlier weakness.

Importance Level: Medium

Possible Market Effect:

Stronger consumer spending may partly offset the weak GDP signal and support French consumer-linked stocks. Still, the broader growth picture remains cautious after flat quarterly GDP.

Source: INSEE

France’s preliminary GDP was flat at 0.0% QoQ in Q1, below the 0.2% forecast and weaker than the previous 0.2% growth. On a yearly basis, GDP expanded 1.1%, slowing from the previous 1.3%.

Importance Level: Medium

Possible Market Effect:

The weaker GDP reading may weigh on French equities and eurozone growth sentiment. It could also support expectations that the ECB may need to balance inflation concerns with softer economic activity.

Source: INSEE