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From our Eurozone inflation preview (full report here, PDF) - we get Spain's flash December inflation estimates on the early side of its Eurozone peers, on Tuesday Dec 30 (most including France and Germany come out next week). Reviewing expectations:

• HICP: 3.0% Y/Y (vs 3.2% prior) /  CPI: 2.8% Y/Y (vs 3.0% prior) / Core: 2.5% Y/Y (vs 2.6% prior)
• Goldman Sachs see Spain 3.0% headline; “core inflation to move sideways at 3.0%yoy (0.25%mom seasonally adjusted). We expect a 15%mom nsa increase in the package holidays component and a 4%mom nsa increase in airfares. We see clothing and footwear printing broadly in line with their 2024 seasonality. Across the non-core categories, we look for energy inflation to decline to 4.0%yoy from 4.6%yoy in November, processed food inflation to increase to 1.4%yoy, and unprocessed food inflation to decrease to 5.8%yoy.”
• Morgan Stanley see 2.9% headline led by tobacco effects and lower core inflation, offsetting still elevated services.
• The Bank of Spain recently updated their quarterly projection, now seeing CPI of 2.7% in 2025, 2.1% in 2026 and 1.9% in 2027, these being revisions of +0.2pp, +0.4pp, and -0.5pp, respectively. More details in our preview.
• In November’s final reading, Spain HICP ticked up marginally from flash to 3.16% Y/Y (rounding to 3.2%, flash rounded to 3.1%). It was broadly unchanged from October (3.18% 2dp Oct), while the monthly rate was unrevised from flash at 0.0% M/M (vs 0.5% Oct). This continues the gradual upward trend since May. Broad COICOP categories mostly remained unchanged from flash and October. 

• US EIA:NAT GAS STORAGE -166 BCF TO 3,413 BCF DEC 19 WK

• -10,000 TYH6 112-22.5, post time bid at 1143:18ET, DV01 $680,400.
• The 10Y contract trades 112-22 last (+3.5).