POLAND: Below-Forecast Inflation Boosts Sell-Side Calls For Rate Cut Next Week

• MNI: EUROZONE Q2 PRELIM FLASH GDP +0.1% Q/Q
• EUROZONE Q2 PRELIM FLASH GDP +1.4% Y/Y

Eurozone GDP printed 0.1% Q/Q in Q2, slightly stronger than consensus of 0.0% and slightly softer than the ECB's 0.2% staff projection. It was below Q1's outsized 0.6%.

• Ireland, which had a strong upward contribution in Q1, dragged the print lower this time at -1.0% Q/Q.
• Across the four major economies, detailed information on the Q1 data is lacking. Drivers across countries are mixed, with Germany mentioning stronger private and government consumption but weak investment, France seeing a material inventory contribution but weak domestic demand, while Italy and Spain both see positive domestic demand.
• Summarising the main quarterly GDP prints released yesterday/this morning:
  • Eurozone: 0.1% Q/Q vs 0.0% cons, 0.6% prior.
  • Germany: -0.1% Q/Q vs -0.1% cons, 0.3% prior.
  • France: 0.3% Q/Q vs 0.1% cons, 0.1% prior.
  • Italy: -0.1% Q/Q vs 0.1% cons, 0.3% prior.
  • Spain: 0.7% Q/Q vs 0.6% cons, 0.6% prior.

Impending bond supply out of Italy and the UK probably factor into the pullback in core global FI in recent trade, macro headlines fairly limited.