ECB: July Wage Tracker Points To Continued Softening In Q1 2026
Jul-30 08:14
The ECB's forward looking wage tracker points to a continued decline in negotiation wage growth in Q...
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EUROPEAN FISCAL: Italy Q1 Deficit Sees a Seasonally Normal Increase
Jun-30 08:06
"*ITALY 1Q YEAR-TO-DATE BUDGET DEFICIT 8.50% OF GDP" Bloomberg
Just to note, this figure looks bad, but a Q1 spike higher in the debt/GDP ratio is very much in line with seasonal norms. See BBG series for the YTD deficit below. We will look into the data more in due course.
Source: Bloomberg Finance L.P.
GERMAN DATA: First states CPI data looks soft
Jun-30 08:02
- The flash state CPIs so far have come in below what was expected for the national print later today (Bavaria and NRW both -0.1%M/M with Y/Y at 1.8% but BW broadly in line).
- The consensus for the national print is 0.2%M/M and 2.2%Y/Y (note this is for the national CPI not HICP and surprises don't always fully correlate).
- We'll be watching more of the smaller states to se if they also come in on the softer side and will have a full tracking to come.
MNI: BADEN WUERT JUN CPI +0.2% M/M, +2.3% Y/Y
Jun-30 08:00
- MNI: BADEN WUERT JUN CPI +0.2% M/M, +2.3% Y/Y
