Eurozone Macro Daily(Beta Mode)
German Wholesale Prices Jump, Bund Yields Rise
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| Euro Stoxx 50 | 6,236.50 | -0.38% |
| DAX | 25,420.55 | -0.08% |
| CAC 40 | 8,090.28 | -0.34% |
| EUR/USD | 1.16 | +0.02% |
| EUR/GBP | 0.86 | +0.16% |
| EUR/JPY | 179.12 | +0.47% |
| Gold | 4,367.70 | +0.81% |
| Brent Crude | 108.09 | -0.61% |
| Bitcoin | 75,833.94 | -2.98% |
| German 2Y Bund | 3.26% | +3 bp |
| German 10Y Bund | 3.58% | +3 bp |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Wholesale Prices Month-over-Month | 0.20 | 0.10 | 0.90 |
| Wholesale Prices Year-over-Year | 5.30 | - | 6.80 |
| Trade Balance | 4,343m | 4,770m | 8,240m |
| ZEW Economic Sentiment Index | 34.20 | 37 | 34.70 |
German 10Y Bund Yield | Type: macro_line | Yield %: 3.18 (2026-08-01) | Range: -0.3843–3.18 | Trend(6pt): -0.2043,2.085,2.332,2.51,2.964,3.18
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Unemployment Rate | 4 | - | 00:30 |
| Producer Price Index Year-over-Year | 3 | 4.10 | 02:00 |
| Consumer Confidence Index | -34 | - | 00:30 |
| Trade Balance | -7,690m | - | 04:00 |
| S&P Global Composite PMI Flash | 48.50 | - | 03:15 |
| S&P Global Manufacturing PMI Flash | 51.10 | - | 03:15 |
| S&P Global Services PMI Flash | 48 | - | 03:15 |
| S&P Global Manufacturing PMI Flash | 54.30 | - | 03:30 |
| S&P Global Composite PMI Flash | 51.80 | - | 03:30 |
| S&P Global Services PMI Flash | 49.70 | - | 03:30 |
- German wholesale prices surged 0.9% month-over-month, far above consensus, signaling pipeline inflation pressures.
- Italian trade surplus widened sharply to €8.24 billion, while ZEW sentiment missed expectations at 34.7.
- Euro Stoxx 50 fell 0.38% and German 10-year yields rose 3 basis points to 3.58%.
Yesterday's Recap
German wholesale prices month-over-month rose 0.9% against a 0.1% consensus, with the year-over-year rate climbing to 6.8% from 5.3%. Italy posted a stronger-than-expected trade surplus of €8.24 billion versus the €4.77 billion forecast. German ZEW Economic Sentiment Index increased modestly to 34.7 but fell short of the 37 consensus.
The Euro Stoxx 50 declined 0.38% to 6,236.50 while the DAX slipped 0.08% and the CAC 40 dropped 0.34%. EUR/USD edged 0.02% higher to 1.16, EUR/GBP gained 0.16%, and EUR/JPY advanced 0.47%. German 2-year yields rose 3 basis points to 3.26% and the 10-year yield climbed 3 basis points to 3.58%.
No ECB speakers appeared on the calendar. The wholesale-price overshoot points to persistent pipeline inflation in Germany, while the ZEW print suggests sentiment remains subdued. Italy’s stronger trade surplus offers a mild positive for the external sector.
The Day Ahead
The Netherlands unemployment rate is scheduled for release at 00:30 ET. German producer price index year-over-year follows at 02:00 ET. A cluster of S&P Global flash PMI prints arrives on 23 September, including high-impact German manufacturing, composite and services readings plus French composite, manufacturing and services data.
Markets will monitor whether German manufacturing PMI sustains its recent strength above 54. Markets expect the data to clarify the extent of euro-area growth momentum into the fourth quarter. No ECB Governing Council speeches are listed.
Traders will also watch the Spanish trade balance and Dutch consumer confidence for additional color on household and external demand trends across the bloc.
Other Economic Notes
Germany is preparing an economic security package that may impose new tariffs on Chinese plug-in hybrid vehicles. Iraq’s prime minister signaled plans to increase oil exports to Europe, aiming to reduce reliance on the Strait of Hormuz. French sovereign risk premium versus Germany reached its widest level since the euro-area debt crisis, reflecting investor caution toward French fiscal policy.
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