Eurozone Macro Daily(Beta Mode)
PMIs Beat, Stocks Mixed
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 5,869.63 | +1.84% |
| DAX | 23,991.27 | -1.24% |
| CAC 40 | 8,062.31 | +1.08% |
| EUR/USD | 1.17 | +0.37% |
| EUR/GBP | 0.86 | -0.06% |
| EUR/JPY | 183.41 | -0.20% |
| Gold | 4,661.30 | +2.32% |
| Brent Crude | 108.45 | -1.29% |
| Bitcoin | 81,322.77 | +1.87% |
| German 2Y Bund | - | - |
| German 10Y Bund | 2.91% | +5.84% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| S&P Global Manufacturing PMI Index | 48.70 | 49.50 | 51.70 |
| S&P Global Manufacturing PMI Index | 51.30 | 51.90 | 52.10 |
| Unemployment Level Change | -22,900 | -18,600 | -62,700 |
Eurozone Consumer Confidence | Type: macro_line | Consumer Confidence Index: -13.5 (2026-03-01) | Range: -28–-0.8 | Trend(6pt): -1.7,-23.5,-15.2,-10.2,-10.9,-13.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Industrial Production Month-over-Month | -0.70 | 0.50 | 22:45 |
| S&P Global Services PMI | 53.30 | 52.10 | 23:15 |
| S&P Global Services PMI | 48.80 | - | 23:45 |
| Retail Sales Month-over-Month | 0 | -0.40 | 00:00 |
| Factory Orders Month-over-Month | 0.90 | 1 | 22:00 |
| Trade Balance | -5,800m | -5,600m | 22:45 |
| Trade Balance | 19,800m | 18,900m | 22:00 |
| Exports Month-over-Month | 3.60 | - | 22:00 |
| Industrial Production Month-over-Month | -0.30 | 0.50 | 22:00 |
- Spanish and Italian manufacturing PMIs beat forecasts, indicating sector expansion.
- Spanish unemployment dropped sharply, signaling labor market strength.
- Equities mixed with Euro Stoxx and CAC gains offsetting DAX decline.
Yesterday's Recap
Eurozone markets showed mixed responses to upbeat data. Spanish S&P Global Manufacturing PMI hit 51.7, exceeding consensus of 49.5 and prior 48.7, driven by rising orders. Italian S&P Global Manufacturing PMI reached 52.1, topping expectations of 51.9 from previous 51.3, aided by exports.
Spanish unemployment fell by 62,700, better than forecast decline of 18,600 and prior drop of 22,900, highlighting job gains. Euro Stoxx 50 rose 1.84% to 5,869.63, lifted by banks, while DAX dropped 1.24% to 23,991.27 on industrial worries. CAC 40 climbed 1.08% to 8,062.31, supported by energy.
EUR/USD gained 0.37% to 1.17 amid data strength. German 10Y Bund yield rose 5.84% to 2.91%, reflecting inflation concerns despite PMIs.
The Day Ahead
Focus on French industrial production MoM, expected at 0.5% vs prior -0.7%, potentially showing rebound. Spanish S&P Global Services PMI forecast at 52.1 from 53.3, may indicate slowdown. Italian S&P Global Services PMI lacks consensus, follows prior 48.8; retail sales MoM expected at -0.4% from 0%.
German factory orders MoM anticipated at 1% after 0.9%; industrial production at 0.5% from -0.3%. French trade balance projected at -5.6 billion euros from -5.8 billion. German trade balance, high impact, forecast at 18.9 billion euros from 19.8 billion; exports MoM lacks consensus, prior 3.6%.
These could influence Bunds and euro.
Other Economic Notes
EU Commission allocated Germany 4.6 billion euros from Corona Aid Fund for renewables and innovation, supporting green shift. UniCredit posted record profits from bank stakes, advancing 35 billion euro bid for Commerzbank, eyeing sector consolidation. France nominated Emmanuel Moulin as Bank of France governor, facing parliamentary review amid policy debates.
Regnology acquired Moody's regulatory solutions, boosting AI in finance. Amazon plans over 15 billion euro investment in France through 2028, aiding tech expansion.
