Eurozone Macro Daily(Beta Mode)
Equities Advance as Inflation Holds at 2.9%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,523.86 | +0.33% |
| DAX | 26,319.45 | +0.69% |
| CAC 40 | 8,714.93 | +0.17% |
| EUR/USD | 1.16 | +0.27% |
| EUR/GBP | 0.86 | -0.01% |
| EUR/JPY | 182.91 | +0.21% |
| Gold | 4,393.60 | +1.22% |
| Brent Crude | 83.93 | +0.45% |
| Bitcoin | 64,953.66 | +0.08% |
| German 2Y Bund | - | - |
| German 10Y Bund | 2.97% | -2.51% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
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 |
|---|---|---|---|
| Trade Balance | 4,793m | 4,740m | 00:00 |
| Wholesale Prices Month-over-Month | -0.70 | 0.40 | 22:00 |
| Wholesale Prices Year-over-Year | 4.90 | - | 22:00 |
- Eurozone CPI rose to 2.9% y/y in July, keeping the ECB on alert for its September decision.
- German 10-year Bund yields fell 2.51% to 2.97% while Euro Stoxx 50 gained 0.33%.
- Markets price limited further easing with the deposit rate steady at 2.25%.
Yesterday's Recap
No major Eurozone data releases occurred on 9 August. Equity markets posted modest gains, with the DAX rising 0.69% to 26,319.45 and the CAC 40 adding 0.17% to 8,714.93. The Euro Stoxx 50 closed 0.33% higher at 6,523.86.
EUR/USD advanced 0.27% to 1.16 while EUR/JPY gained 0.21% to 182.91. German 10-year Bund yields declined 2.51% to 2.97%, reflecting demand for duration amid stable inflation expectations. Gold climbed 1.22% to 4,393.60 and Brent crude rose 0.45% to 83.93.
The absence of fresh prints left the ECB’s 2.25% deposit rate path unchanged and reinforced the soft-landing baseline priced by markets. Eurozone unemployment at 6.3% in June continued to support household spending even as energy costs rose.
The Day Ahead
Italy’s July trade balance is due at midnight ET, with consensus pointing to a €4.74 billion surplus versus €4.793 billion previously. Germany releases wholesale price data on 13 August, including month-over-month and year-over-year readings expected to show a rebound from prior weakness. These releases will provide early signals on price pressures ahead of the September ECB meeting.
No Governing Council speeches are scheduled. Traders will monitor any revisions to the Italian figure for clues on external demand. The data flow remains light overall, limiting volatility in EUR crosses while markets digest the July CPI outcome of 2.9% y/y.
Other Economic Notes
Eurozone unemployment stood at 6.3% in June, supporting household spending despite higher energy costs. July CPI at 2.9% y/y exceeded the prior print and highlighted persistent services inflation across Germany and France. Member states continue to differ in growth momentum, with Italian industrial output still soft while Spanish retail sales have shown resilience.
The combination of steady unemployment and above-target inflation keeps the ECB focused on its September assessment rather than immediate easing. Broader fiscal support via the Recovery and Resilience Facility remains under discussion but has not yet altered near-term rate expectations.
