More from ECBs Schnabel: We expect wage growth remains high this year and rather bumpy

October 30, 2024 at 03:29PM

Inflation to remain a bit bumpy due to energy.

We expect wage growth remains highest year and rather bumpy

Data today is the first indication that we have reached a turning point.

Relatively strong consumption data in Germany and France give some hope for a turnaround

Geopolitical risks have increased significantly.

Major worry is protectionism, in light of US election.

Expect more frequent supply-side shocks, which will have impact on inflation.

Looking at the economic data released earlier today:

German Prelim CPI m/m

Actual: 0.4% (BEAT Forecast: 0.2%, Previous: 0.0%)

French Consumer Spending m/m

Actual: 0.1% (MET Forecast: 0.1%, Previous: 0.4%)

French Flash GDP q/q

Actual: 0.4% (BEAT Forecast: 0.3%, Previous: 0.2%)

Spanish Flash CPI y/y

Actual: 1.8% (BEAT Forecast: 1.7%, Previous: 1.5%)

Spanish Flash GDP q/q

Actual: 0.8% (BEAT Forecast: 0.6%, Previous: 0.8%)

German Unemployment Change

Actual: 27K (MISSED Forecast: 15K, Previous: 19K)

Italian Prelim GDP q/q

Actual: 0.0% (MISSED Forecast: 0.2%,Previous: 0.2%)

German Prelim GDP q/q

Actual: 0.2% (BEAT Forecast: -0.1%, Previous: -0.3%)

EU Prelim Flash GDP q/q

Actual: 0.4% (BEAT Forecast: 0.2%, Previous: 0.2%)

This article was written by Greg Michalowski at www.forexlive.com.

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