Eurozone Macro Daily(Beta Mode)
German Retail Sales Flat, Equities Slide
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,053.57 | -0.89% |
| DAX | 24,808.97 | -1.25% |
| CAC 40 | 8,150.42 | -0.71% |
| EUR/USD | 1.16 | -0.08% |
| EUR/GBP | 0.86 | +0.09% |
| EUR/JPY | 185.60 | -0.16% |
| Gold | 4,495.10 | +1.32% |
| Brent Crude | 97.17 | -0.65% |
| Bitcoin | 63,833.26 | -4.30% |
| German 2Y Bund | - | - |
| German 10Y Bund | 3.00% | +2.97% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Retail Sales Month-over-Month | -0.30 | -0.40 | -0.30 |
| Retail Sales Year-over-Year | -0.20 | - | -0.30 |
| S&P Global Manufacturing PMI Index | 51.70 | 52 | 51.20 |
| S&P Global Manufacturing PMI Index | 52.10 | 52 | 52.90 |
| Inflation Rate Year-over-Year Preliminary | 2.80 | - | 3.50 |
| Unemployment Level Change | -62,700 | -56,800 | -36,300 |
| S&P Global Services PMI | 47.90 | 48 | 50.10 |
| S&P Global Services PMI | 49.80 | - | 49.40 |
Brent Crude Oil | Type: market_hloc | USD per Barrel: 97.06 (2026-06-04) | Range: 81.4–118.3 | Trend(5pt): 81.4,108,95.48,107.8,97.06
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Industrial Production Month-over-Month | 1 | -0.20 | 22:45 |
| Trade Balance | -6,900m | -6,500m | 22:45 |
| Retail Sales Month-over-Month | 0.80 | 0.20 | 01:00 |
- German retail sales MoM printed -0.3% against -0.4% consensus, with YoY at -0.3%.
- Spanish services PMI jumped to 50.1 while Italian manufacturing PMI rose to 52.9.
- Euro Stoxx 50 fell 0.89% and DAX dropped 1.25% as Dutch inflation climbed to 3.5%.
Yesterday's Recap
German retail sales MoM held at -0.3% while the year-over-year rate eased to -0.3% from the prior -0.2%. Spanish manufacturing PMI slipped to 51.2 from 51.7, but services PMI surged to 50.1 from 47.9. Italian manufacturing PMI strengthened to 52.9 versus 52.1 previously, while services PMI eased to 49.4 from 49.8.
Dutch inflation rose sharply to 3.5% from 2.8%. Spanish unemployment declined by 36,300, less than the 56,800 expected. Equities closed lower with Euro Stoxx 50 at 6,053.57 and DAX at 24,808.97.
EUR/USD eased 0.08% to 1.16 while the 10-year Bund yield rose 3 basis points to 3.00%.
The Day Ahead
French industrial production and trade balance figures are due this evening, with production expected to contract 0.2% month-over-month. Italian retail sales MoM will follow overnight, with consensus at 0.2% after the prior 0.8% gain. Markets will also monitor any follow-up comments from ECB officials on inflation risks flagged in recent staff analysis.
No major central-bank decisions are scheduled. Attention remains on how higher Dutch and Spanish price prints feed into June Eurozone aggregates.
Other Economic Notes
OECD lowered its German growth forecast again, citing the Middle East conflict’s drag on consumption and investment. Boehringer Ingelheim cancelled 900 million euros of planned German investments through 2030, citing weaker domestic conditions and the forthcoming GKV savings law. Broader Eurozone business surveys showed persistent price pressures alongside subdued activity in May.
These developments reinforce concerns that fiscal tightening and geopolitical risks are weighing on the region’s largest economy.
Global Macro News
President Trump confirmed attendance at the June G7 summit in France, raising prospects of renewed tariff discussions with EU partners. Indonesia’s rupiah hit a record low against the dollar, adding to emerging-market volatility that could affect euro funding flows. <i>↓ p.2</i>
