Eurozone Macro Daily(Beta Mode)
Eurozone PMI Hits 51.9, Equities Advance
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,280.94 | +1.14% |
| DAX | 25,099.00 | +1.36% |
| CAC 40 | 8,372.28 | +0.88% |
| EUR/USD | 1.14 | +0.31% |
| EUR/GBP | 0.85 | +0.16% |
| EUR/JPY | 186.57 | +0.10% |
| Gold | 4,100.10 | +0.80% |
| Brent Crude | 90.54 | -6.45% |
| Bitcoin | 65,380.11 | +0.06% |
| German 2Y Bund | - | - |
| German 10Y Bund | 2.97% | -2.51% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
German vs Italian 10Y Yield Spread | Type: macro_line | German 10Y %: 2.97 (2026-06-01) | Range: -0.5386–3.046 | Trend(6pt): -0.5386,2.187,2.102,2.405,3.001,2.97 | Italian 10Y %: 3.734 (2026-06-01) | Range: 0.628–4.885 | Trend(6pt): 0.628,4.532,3.821,3.575,3.818,3.734
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Ifo Business Climate | 85.60 | 86.10 | 00:00 |
| Consumer Confidence Index | 84 | - | 22:45 |
| Headline Unemployment Rate | 10.83 | 10.70 | 23:00 |
| Unemployment Benefit Claims | 15,500 | - | 02:00 |
| GDP Growth Quarter-over-Quarter Preliminary | -0.10 | 0.20 | 21:30 |
| GDP Growth Year-over-Year Preliminary | 0.90 | - | 21:30 |
| GDP Growth Quarter-over-Quarter Flash Estimate | 0.60 | 0.60 | 23:00 |
| GDP Growth Year-over-Year Flash Estimate | 2.70 | - | 23:00 |
| Inflation Rate Month-over-Month Preliminary | 0.60 | - | 23:00 |
| Inflation Rate Year-over-Year Preliminary | 3.20 | 3.10 | 23:00 |
- Eurozone July PMI rose to 51.9, with rebounds in Germany and France.
- Equities gained as German 10Y Bund yields fell 2.51% to 2.97%.
- Brent crude dropped 6.45% while EUR/USD advanced 0.31% to 1.14.
Yesterday's Recap
Euro Stoxx 50 closed at 6,280.94 after rising 1.14%, while the DAX advanced 1.36% to 25,099.00 and the CAC 40 gained 0.88% to 8,372.28. German 10Y Bund yields declined 2.51% to 2.97%, reflecting softer energy prices as Brent crude fell 6.45% to 90.54. EUR/USD climbed 0.31% to 1.14 and EUR/GBP rose 0.16% to 0.85.
The Eurozone July PMI printed at 51.9, exceeding expectations and showing rebounds in both German and French manufacturing and services. Energy concerns persisted despite the improvement, with wildfires forcing evacuations of over 220,000 people across southwest France and parts of Spain. No high-impact data releases occurred on 26 July, leaving markets to focus on the PMI surprise and regional climate disruptions.
Real wages across the Eurozone have stagnated or declined since 2021 due to inflation shocks, with sharper falls recorded in Italy and Spain.
The Day Ahead
German Ifo Business Climate is due at 00:00 ET with consensus at 86.1 after 85.6 previously. French Consumer Confidence follows at 22:45 ET, while Spain releases its Headline Unemployment Rate at 23:00 ET with consensus at 10.7%. On 29 July, France will publish preliminary GDP growth figures and Spain will release flash GDP and inflation estimates.
The Netherlands and Germany also report GDP flash estimates on 29-30 July. These prints will feed directly into Eurozone aggregates ahead of the next ECB policy meeting. Broader EU efforts to accelerate REPowerEU disbursements aim to offset energy risks, yet southern European wildfires highlight ongoing climate vulnerabilities that could pressure supply chains and tourism revenues in France and Spain.
Other Economic Notes
Real wages across the Eurozone have stagnated or declined since 2021 due to inflation shocks, with sharper falls recorded in Italy and Spain. ECB contacts with non-financial companies indicate wage growth is cooling even as inflation picks up modestly. Greeks remain the most pessimistic in the Eurozone on both inflation and growth outlooks according to the latest ECB survey.
Broader EU efforts to accelerate REPowerEU disbursements aim to offset energy risks, yet southern European wildfires highlight ongoing climate vulnerabilities that could pressure supply chains and tourism revenues in France and Spain. <i>↓ p.2</i>
