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Spain's manufacturing sector conditions improved in April 2026 for the first time since November 2025, thanks to output growth and a "broad stabilisation" of new orders, S&P Global said Monday.The seasonally adjusted S&P Global Spain manufacturing PMI rose to 51.7 from 48.7 a month earlier, against the consensus estimate of 49.5. The survey noted further inflation and supply chain disruptions due to the Iran war.
Morale across the German automotive industry weakened in April, as the Iran war made companies more pessimistic about the coming months despite a better assessment of their current business situation.The business climate indicator dropped to -23.8 points from -19.0 points in March, the ifo Institute said Monday. Business expectations declined to -30.7 points from -15.3 points.The ifo business survey also showed that automotive companies facing a shortage of key intermediate products like helium grew to 9.3% in April, from 1% in March. Meanwhile, businesses expect high energy prices to impact car purchases.
London's FTSE 100 Index declined 0.5% midday Friday in Europe, while exchanges in Frankfurt, Madrid, Paris and elsewhere on the continent were closed for the May Day observance.Investors eyed stable Wall Street futures, and higher closes overnight in Sydney and Tokyo, although most Asian exchanges were also shuttered on holiday.The FTSE 100 through Thursday had notched 13 straight trading days of gains, but investors Friday again faced rising crude prices and interest rates.Yields on benchmark 10-year German bonds were higher, near 3.03% mid-session, while front-month North Sea Brent crude oil futures were up 0.5% at $110.92 a barrel.
A June interest rate increase may be on the cards for the European Central Bank as it flagged increased upside risks to inflation and downside risks to growth due to the war in the Middle East, according to Deutsche Bank Research.The ECB on Thursday maintained its three key interest rates, as expected, but noted that a prolonged war would have a greater impact on broader inflation and the euro area economy. The central bank said its Governing Council "remains well positioned" to navigate the current uncertainty, while noting that it is "not pre-committing to a particular rate path.""Overall, this is a statement that does not pre-commit the ECB to hiking in June. But it does not stop the ECB from hiking in June either," Deutsche Bank's Chief European Economist Mark Wall said in a same-day quick take note.
The European Central Bank maintained its three key interest rates on Thursday even as it sounded the alarm on the potential impact of a prolonged conflict in the Middle East on inflation and economic growth.The central bank's deposit facility rate remains at 2%, while the interest rates on main refinancing operations and marginal lending facility were also unchanged at 2.15% and 2.40%, respectively. The decision was consistent with the consensus estimate, with the rates unchanged since June 2025.Preliminary data released earlier the same day showed annual inflation in the eurozone accelerated to 3% in April from 2.6% in March, mainly due to a surge in energy prices."The war in the Middle East has led to a sharp increase in energy prices, pushing up inflation and weighing on economic sentiment," the central bank said. "The implications of the war for medium-term inflation and economic activity will depend on the intensity and duration of the energy price shock and the scale of its indirect and second-round effects. The longer the war continues and the longer energy prices remain high, the stronger is the likely impact on broader inflation and the economy."
European bourses tracked higher midday Thursday as traders weighed Persian Gulf tensions, the earnings season, and a Bank of England decision to hold rates steady.Food stocks led gains on continental trading floors, while bank shares lagged.Investors also eyed Wall Street futures in the green, but mostly lower closes overnight on Asian exchanges.The Bank of England announced it will hold its key policy interest rate unchanged at 3.75%, hours ahead of a European Central Bank (ECB) decision that is also expected to hold the policy rate steady, although at 2%.In economic news, euro area annual inflation is expected to log at 3% on year in April, up from 2.6% in March, reported Eurostat.In Q1, seasonally adjusted gross domestic product (GDP) increased by a tepid 0.1% in both the euro area and the EU, said Eurostat.The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.The Stoxx Europe 600 Technology Index was up 0.5%, and the Stoxx 600 Banks Index lost 0.7%.The Stoxx Europe 600 Oil and Gas Index rose 0.4%, while the Stoxx 600 Europe Food and Beverage Index inclined 1.2%.The REITE, a European REIT index, rose 0.4%.On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London gained 1.3%. The CAC 40 in Paris was down 0.1%, and Spain's IBEX 35 lifted 0.1%.Yields on benchmark 10-year German bonds were lower, near 3.07%.Front-month North Sea Brent crude oil futures were down 1.1% at $109.19 a barrel.The Euro Stoxx 50 volatility index was up 1.8% at 23.77, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
The euro area economy slowed in the first quarter, while annual inflation accelerated in April on the back of surging energy costs, preliminary data showed Thursday.The eurozone's monthly gross domestic product ticked up 0.1% in the first quarter, against the prior three-month period gain and market forecast of 0.2%, according to Eurostat's flash data. On an annual basis, the economy expanded 0.8%, down from the previous quarter's growth rate of 1.3% and an expected 0.9% gain.Data released earlier on Thursday showed that French GDP stalled in the first quarter after a 0.2% uptick in the previous three-month period, missing analyst expectations of continued 0.2% growth. In contrast, data from Spain showed that the national economy continued to expand, though growth eased slightly to 0.6% from 0.8%. Meanwhile, Germany's GDP edged up to 0.3% from 0.2% in the prior quarter, beating consensus estimates of a 0.1% uptick.In terms of inflation, the consumer price index in the euro area climbed 3% year over year in April, in line with consensus and compared with 2.6% in March. On a monthly basis, consumer prices came in 1% higher.Energy prices emerged as the primary driver of April inflation, with the annual rate more than doubling to 10.9% from March's 5.1%. Elsewhere, services inflation slowed, while the increase in food, alcohol, and tobacco prices, as well as non-energy industrial goods, edged slightly higher.Excluding energy, food, alcohol and tobacco, inflation was 2.2% in April, coming in slightly below both the previous month's reading and market forecast of 2.3%.On the labor front, the seasonally adjusted unemployment rate in the euro area stood at 6.2% in March, down from the revised 6.3% in February. The latest reading is consistent with the market forecast.Against this backdrop, the ECB is anticipated to hold the deposit rate steady at 2% during Thursday's meeting. In a preview report published April 24, Danske Bank expects the market to focus on future policy cues."With an unchanged decision in April all focus during the meeting will be on signals, and we expect Lagarde to leave the door open for summer hikes in order to keep inflation expectations anchored. The ECB is likely broadly satisfied with the current market pricing of 65 [basis points] worth of hikes this year. Although we do see room for market pricing falling slightly as most recent communication from the ECB's [Governing Council] members has increasingly mentioned deteriorating growth prospects from higher energy prices. For this reason and given the extraordinary uncertainty about the economic outlook, we do not expect any pre-commitments to summer hikes," Danske Bank wrote.
Italy's annual inflation rate climbed to 2.8% in April from 1.7% in March, provisional data from statistics agency Istat showed Thursday, above the consensus estimate of 2.6%.On a monthly basis, consumer prices were up 1.2%, compared with the prior and expected 0.5% gain.The Italian harmonized inflation rate stood at 2.9% on an annual basis, against the previous reading of 1.6% and the expected 2.5%. Month over month, growth in harmonized consumer prices stayed at 1.7%, against the forecast of 1.3%.
The euro area's quarterly gross domestic product ticked up 0.1% in the first quarter, after a 0.2% rise in the prior three-month period, flash data from Eurostat showed Thursday.Analysts expected a 0.2% growth.On a yearly basis, the eurozone economy grew by 0.8% during the quarter, against the previous 1.3% gain including Bulgaria, which joined the currency union in January, and 1.2% rise, excluding it. The consensus estimate was a 0.9% increase.
Annual inflation in the euro area jumped to 3% in April from 2.6% in March, according to Eurostat flash estimates released Thursday.The latest reading is above the consensus estimate of 2.9%.On a monthly basis, consumer prices were 1% higher.Excluding energy, food, alcohol and tobacco, the annual inflation rate came in at 2.2%, lower than the previous and expected 2.3%. Month over month, core consumer prices rose 0.9%.
The seasonally adjusted unemployment rate in the euro area stood at 6.2% in March, down from the revised 6.3% in February, according to Eurostat data published Thursday.The latest reading is in line with the consensus estimate of 6.2%, according to Trading Economics.
Italy's unemployment rate came in at 5.2% in March, down from the revised 5.4% in February, provisional data from national statistics agency Istat showed Thursday.The latest reading compares with the consensus estimate of 5.3%.
Spain's current account surplus rose to 4.04 billion euros in February from 2.73 billion euros in January, according to Bank of Spain data published Thursday.In the two months to February, the current account surplus totaled 6.77 billion euros, against 6.88 billion euros in the previous year.
Italy's quarterly gross domestic product rose 0.2% in the first quarter, after a 0.3% gain in the prior three-month period, preliminary data from statistics agency Istat showed Thursday.The consensus estimate for the quarter pointed to a 0.1% uptick.On a yearly basis, the Italian economy grew 0.7%, against the expected 0.6% rise.
Germany's quarterly gross domestic product edged up 0.3% in the first quarter of 2026, after a revised 0.2% increase in the previous three-month period, provisional data from the Federal Statistical Office showed Thursday.The consensus estimate for the month was a 0.2% uptick.On a yearly basis, the German economy expanded by 0.3% during the quarter, as expected, against the previous 0.4% gain.
Germany's seasonally adjusted unemployment rate was 6.4% in April, following a revised 6.4% growth in the prior month, according to government data published Thursday.The reading was above the consensus forecast of 6.3% for the month.Meanwhile, the number of unemployed individuals in Germany rose by 20,000 in April, against the expected increase of 4,000.
Spain's quarterly gross domestic product growth eased to 0.6% in the first quarter, from 0.8% in the prior three-month period, preliminary data from the National Statistics Institute showed Thursday.The consensus estimate for the period was 0.5% gain.Annually, the Spanish economic growth increased 2.7%, in line with market expectations and against the revised 2.6% jump earlier.
French industrial producer prices for the home market rose 0.2% year over year in March, following a 2.4% fall in February, according to data from Insee published Thursday.On a monthly basis, industrial producer prices were 2% higher, against the revised 0.3% drop earlier.
France's private nonfarm payroll employment fell 0.1% in the first quarter, consistent with the prior three-month period, flash data from statistics agency Insee showed Thursday.Analysts expected zero growth for the quarter.On a yearly basis, private payroll employment in France was 0.3% lower.
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