Eurozone Macro Daily(Beta Mode)
Mixed PMIs Offset Weak German Retail Sales
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,487.24 | +0.01% |
| DAX | 26,202.35 | +0.77% |
| CAC 40 | 8,669.98 | +0.04% |
| EUR/USD | 1.15 | +0.34% |
| EUR/GBP | 0.86 | +0.16% |
| EUR/JPY | 182.09 | +0.45% |
| Gold | 4,217.60 | +2.98% |
| Brent Crude | 80.32 | +1.21% |
| Bitcoin | 64,147.31 | +0.14% |
| German 2Y Bund | - | - |
| German 10Y Bund | 2.97% | -2.51% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Retail Sales Month-over-Month | 1.20 | -0.50 | -1.10 |
| Retail Sales Year-over-Year | 2.10 | - | -0.20 |
| S&P Global Manufacturing PMI Index | 49.70 | 50 | 50.20 |
| S&P Global Manufacturing PMI Index | 52.20 | 52.30 | 51.30 |
| Unemployment Level Change | -28,700 | -20,300 | 19,500 |
| Retail Sales Month-over-Month | 0.20 | 0.10 | -0.10 |
| Industrial Production Month-over-Month | -0.10 | 0.30 | 0.10 |
| S&P Global Services PMI Index | 54.20 | 54.90 | 58.30 |
| S&P Global Services PMI Index | 50.20 | - | 52.50 |
German 10Y Bund Yield | Type: macro_line | Yield %: 2.97 (2026-06-01) | Range: -0.3843–3.046 | Trend(6pt): -0.3627,2.066,2.175,2.741,3.046,2.97
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Factory Orders Month-over-Month | 1.90 | 0.30 | 22:00 |
| Industrial Production Month-over-Month | -0.30 | 0.30 | 00:00 |
| Unemployment Rate | 8.10 | 8.20 | 21:30 |
| Trade Balance | 19,100m | 17,400m | 22:00 |
| Exports Month-over-Month | 0.90 | - | 22:00 |
| Industrial Production Month-over-Month | 0.90 | 0.10 | 22:00 |
| Trade Balance | -6,900m | -6,500m | 22:45 |
- German retail sales contracted sharply while Spanish services PMI surged to 58.3.
- Euro Stoxx 50 edged up 0.01% as DAX gained 0.77% and EUR/USD rose 0.34%.
- Markets priced steady ECB policy with deposit rate at 2.25%.
Yesterday's Recap
German retail sales fell 1.1% month-over-month against a consensus of -0.5%, with the year-over-year reading dropping to -0.2% from 2.1% prior. Spanish manufacturing PMI rose to 50.2 while Italian manufacturing PMI slipped to 51.3. Spanish unemployment increased by 19,500, missing expectations for a decline.
Italian retail sales contracted 0.1% month-over-month. French industrial production rose 0.1% month-over-month, below the 0.3% consensus. Spanish services PMI jumped to 58.3 from 54.2 prior, and Italian services PMI climbed to 52.5.
Equity markets showed modest gains with the DAX leading at +0.77%, while the German 10-year Bund yield fell 2.51% to 2.97% and EUR/USD advanced 0.34% to 1.15. Euro Stoxx 50 closed at 6,487.24, up 0.01%, and CAC 40 rose 0.04% to 8,669.98. EUR/GBP gained 0.16% to 0.86 and EUR/JPY advanced 0.45% to 182.09.
Gold climbed 2.98% to 4,217.60 while Brent crude rose 1.21% to 80.32.
The Day Ahead
German factory orders are due at 22:00 ET with consensus for a 0.3% month-over-month rise. Italian industrial production follows at midnight, expected to rebound 0.3%. French unemployment rate is scheduled for 21:30 ET with a forecast of 8.2%.
German trade balance, exports, and industrial production data will also print at 22:00 ET. These releases will provide fresh signals on manufacturing momentum and external demand across the bloc. No ECB speakers are listed.
Other Economic Notes
Eurozone CPI stood at 2.90% year-over-year in July while unemployment held at 6.30% in June. Weak German retail sales highlight softening consumer demand in the bloc’s largest economy. Stronger Spanish services PMI points to resilient activity in southern Europe.
Broader fiscal discussions among EU ministers on green investment flexibility continue without agreement. Corporate earnings from ASML offered limited support to Dutch equities amid mixed regional data.
