Eurozone Macro Daily(Beta Mode)
German ZEW Beats as French Yields Hit 2008 High
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,444.46 | -0.37% |
| DAX | 26,091.33 | -0.14% |
| CAC 40 | 8,501.91 | -0.09% |
| EUR/USD | 1.17 | +0.88% |
| EUR/GBP | 0.86 | +0.34% |
| EUR/JPY | 185.17 | +0.26% |
| Gold | 4,541.80 | +1.17% |
| Brent Crude | 91.89 | +0.29% |
| Bitcoin | 69,367.50 | +7.25% |
| German 2Y Bund | - | - |
| German 10Y Bund | 2.97% | -2.51% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Trade Balance | -8,240m | - | -7,690m |
| ZEW Economic Sentiment Index | 26.30 | 30 | 34.20 |
| Unemployment Rate | 3.80 | - | 4 |
| Producer Price Index Year-over-Year | 1.80 | 2.70 | 3 |
German 10Y Government 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 |
|---|---|---|---|
| Consumer Confidence Index | -35 | - | 20:30 |
| Business Confidence | 101 | 101 | 22:45 |
| S&P Global Composite PMI Flash | 49.40 | 49.50 | 23:15 |
| S&P Global Manufacturing PMI Flash | 49.80 | 50 | 23:15 |
| S&P Global Services PMI Flash | 49.60 | 49.80 | 23:15 |
| S&P Global Manufacturing PMI Flash | 52.20 | 52 | 23:30 |
| S&P Global Composite PMI Flash | 51.30 | 51.30 | 23:30 |
| S&P Global Services PMI Flash | 49.80 | 50.10 | 23:30 |
- German ZEW jumped to 34.2, beating consensus 30 and signalling stronger sentiment.
- French public borrowing costs hit 4.2%, the highest level since 2008.
- Euro Stoxx 50 fell 0.37% while EUR/USD rose 0.88% to 1.17.
Yesterday's Recap
Spanish trade balance improved to -€7.69bn from -€8.24bn previously. German ZEW Economic Sentiment Index rose sharply to 34.2 versus the 30 consensus, reflecting brighter business expectations. Dutch unemployment edged up to 4.0% from 3.8%.
German producer prices climbed 3.0% year-over-year, exceeding the 2.7% consensus. Equity markets closed modestly lower, with Euro Stoxx 50 declining 0.37% to 6,444.46, DAX off 0.14% to 26,091.33 and CAC 40 down 0.09% to 8,501.91. The 10-year German Bund yield fell 2.51% to 2.97%.
EUR/USD advanced 0.88% to 1.17 while gold rose 1.17% to $4,541.80 and Brent crude gained 0.29% to $91.89. Bitcoin surged 7.25% to $69,367.50. Eurozone headline inflation stood at 2.90% in July while unemployment remained at 6.30%.
The ECB deposit rate sits at 2.25%. Stronger German ZEW data may temper expectations for near-term ECB easing.
The Day Ahead
Flash PMI prints from Germany and France will dominate today’s calendar. German manufacturing PMI is expected at 52.0 after 52.2 last month while the services reading is forecast at 50.1. French composite PMI is projected at 49.5, with manufacturing seen at 50.0.
Dutch consumer confidence and French business confidence will also be released. Markets will scrutinise any divergence between German and French readings for clues on relative growth momentum. No ECB speakers are scheduled.
Other Economic Notes
Eurozone headline inflation stood at 2.90% in July while unemployment remained at 6.30%. French debt markets came under renewed pressure as 10-year yields reached 4.2%, widening spreads versus Germany to levels last seen during prior government crises. The ECB deposit rate sits at 2.25%.
Capital Markets Union legislation is advancing ahead of the October summit, though fiscal concerns in France continue to dominate investor attention. Stronger German ZEW data may temper expectations for near-term ECB easing. The euro benefited from broad dollar weakness.
