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France’s preliminary April HCOB PMI data painted a mixed picture. Manufacturing PMI rose to 52.8, well above the 49.5 forecast and up from 50.0, moving deeper into expansion territory. But Services PMI fell to 46.5, below the 48.5 forecast and down from 48.8, while the Composite PMI slipped to 47.6 from 48.8 and below the 48.6 forecast. The data show the factory sector improved sharply, but weakness in services kept overall private-sector activity in contraction.

Importance: Medium

Possible Market Effect: The report is mixed for the euro and French assets, as stronger manufacturing is offset by continued weakness in services and the overall economy.

Source: HCOB / S&P Global

France’s Business Survey improved slightly in April, with the index rising to 100 from 99 previously and also above the 99 forecast. The reading suggests business sentiment stabilized somewhat and moved back to a more neutral level. However, the improvement was modest and does not by itself signal a strong rebound in overall activity.

Importance: Medium

Possible Market Effect: The better survey reading is mildly supportive for French business sentiment, but the market impact is likely limited unless confirmed by broader activity indicators.

Source: INSEE

Italy’s car registration data remained positive in March, although the annual pace softened. Italian Car Registration (MoM) rose to 17.8% from 10.7%, showing stronger monthly momentum. However, Italian Car Registration (YoY) eased to 7.6% from 14.0%, indicating that while registrations continued to grow on an annual basis, the pace of expansion slowed compared with the previous reading.

Importance: Low

Possible Market Effect: The data are mixed for Italy’s auto sector, with stronger monthly momentum offset by slower annual growth. Market reaction is likely to stay limited unless the softer yearly trend persists.

Source: Ministry of Infrastructure and Transport of Italy

Germany’s car market posted a strong rebound in March. German Car Registration (MoM) surged to 39.2%, up from 8.9% previously, while German Car Registration (YoY) accelerated to 16.0% from 3.8%. The combined figures point to a much stronger pace of vehicle registrations on both a monthly and annual basis, suggesting a clear improvement in auto demand and delivery activity during the month.

Importance: Low

Possible Market Effect: The stronger registration data are mildly supportive for German auto-sector sentiment, although broader market impact is likely to remain limited unless the improvement is confirmed by wider industrial and consumer data.

Source: Kraftfahrt-Bundesamt (KBA)

France’s car market showed a strong rebound in March. French Car Registration (MoM) surged 43.8%, up sharply from 12.7% previously, while French Car Registration (YoY) rose 12.9% after -14.7% in the prior reading. The figures indicate a major turnaround in auto demand and registration activity compared with the previous period.

Importance: Low

Possible Market Effect: The strong rebound may modestly support sentiment toward the French auto sector, though markets may wait for confirmation in broader consumption and industrial data.

Source: Plateforme Automobile (PFA)

The euro area’s fiscal data for 2025 showed a mixed picture. Government Budget to GDP improved slightly to -2.9% from -3.0%, pointing to a marginally narrower deficit. At the same time, Government Debt to GDP rose to 87.8% from 87.0%, showing that the overall debt burden edged higher. The combination suggests some improvement in the annual budget balance, but no clear reduction in the broader debt load.

Importance: Low

Possible Market Effect: The data are broadly neutral for euro-area markets, as the slightly better budget balance is offset by a higher debt ratio.

Source: Eurostat

Germany’s 2-Year Schatz Auction cleared at 2.470%, down from 2.620% previously. The lower yield suggests slightly firmer demand for short-dated German government debt and somewhat easier front-end funding conditions.

Importance: Low

Possible Market Effect: Lower auction yields are mildly supportive for German bonds and broader euro-area fixed income sentiment, but the move alone is unlikely to shift market direction materially.

Source: Deutsche Finanzagentur / Bundesbank

Germany’s April ZEW survey showed a broader deterioration in sentiment. ZEW Economic Sentiment dropped to -17.2, much worse than the -6.7 forecast and down from -0.5 previously. At the same time, ZEW Current Conditions weakened to -73.7, below the -70.0 forecast and worse than -62.9 previously. The combination signals that both present conditions and forward expectations deteriorated further in Europe’s largest economy.

Importance: Medium

Possible Market Effect: The report is negative for the euro and German growth sentiment, as it suggests both current activity and expectations remain under pressure.

Source: ZEW

The Eurozone ZEW Economic Sentiment index fell sharply to -20.4 in April, much weaker than the -12.7 forecast and down from -8.5 previously. The drop points to a much darker assessment of the near-term economic outlook across the euro area.

Importance: Medium

Possible Market Effect: The weaker reading may weigh on the euro and reinforce concerns about fragile eurozone growth, especially if other forward-looking indicators also soften.

Source: ZEW

Spain’s trade balance improved in February, with the deficit narrowing to -3.30B from -4.00B previously. The data suggest the external position remained negative, but the size of the gap eased compared with the prior period.

Importance: Low

Possible Market Effect: A narrower trade deficit is mildly supportive for Spain’s external outlook, though the market effect is likely to remain limited unless the improvement becomes more persistent.

Source: Ministry of Economy, Trade, and Business of Spain

Switzerland’s M3 money supply increased to 1,221.3B in March from 1,215.3B previously, pointing to a modest expansion in broad liquidity conditions. The move is not dramatic on its own, but it suggests money growth continued to edge higher at the end of the quarter.

Importance: Low

Possible Market Effect: The immediate market impact is likely limited, but continued growth in money supply can still be relevant for liquidity conditions and the broader monetary backdrop in Switzerland.

Source: Swiss National Bank

Switzerland’s trade balance narrowed to 3.177B in March from 4.105B previously. The lower surplus suggests that the external trade position remained positive, but weakened compared with the prior month.

Importance: Low

Possible Market Effect: The narrower surplus is a modestly softer signal for the Swiss franc, although the overall market impact is likely to remain limited unless the trend continues.

Source: Federal Office for Customs and Border Security (FOCBS), Switzerland