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International

Italian Monthly Industrial Sales Up 0.6% in February

Italy's industrial turnover ticked up 0.6% month over month in February, after a revised 0.2% decrease previously, according to data from statistics agency Istat published Tuesday.On a yearly basis, industrial sales were 0.5% higher, against the revised 0.8% decline earlier.

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International

Spanish Monthly Retail Sales Gain 1.2% in March

Spain's seasonally and calendar-adjusted retail sales increased 1.2% month over month in March, after a revised flat reading in the previous month, the National Statistics Institute said Tuesday.On a yearly basis, retail sales were 4.1% higher, compared with the revised growth of 2.3% earlier.

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International

Spanish Jobless Rate Rises to 10.83% in Q1

Spain's unemployment rate climbed to 10.83% in the first quarter from 9.93% in the prior three-month period, the National Statistics Institute said Tuesday.Analysts expected the jobless rate at 9.8% during the quarter.

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International

Central Bank, Middle East Outlooks Nudge European Bourses Higher Midday

European bourses tracked moderately higher midday Monday as traders weighed a Tehran plan to re-open the Strait of Hormuz and looked ahead to Bank of England and European Central Bank rate decisions, slated for Thursday.Bank and oil stocks led gains on continental trading floors, while food shares lagged.European blue-chips including banks Deutsche Bank, Santander, and BNP Paribas, and automakers Volkswagen, Stellantis, and Mercedes-Benz, are slated to report earnings later this week.Investors also eyed flat Wall Street futures amid higher closes overnight on Asian exchanges.The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session.The Stoxx Europe 600 Technology Index was steady, and the Stoxx 600 Banks Index gained 1%.The Stoxx Europe 600 Oil and Gas Index advanced 0.8%, while the Stoxx 600 Europe Food and Beverage Index declined 0.4%.The REITE, a European REIT index, gained 0.4%.On the national market indexes, Germany's DAX was up 0.8%, and the FTSE 100 in London gained 0.3%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 advanced 0.8%.Yields on benchmark 10-year German bonds were steady, near 3.01%.Front-month North Sea Brent crude-oil futures were up 0.7% at $99.77 a barrel.The Euro Stoxx 50 volatility index was down 1.8% at 23.17, 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.

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International

Ifo: German Export Morale Inches Up in April

German exporters turned slightly optimistic in April, while the overall sector moved neither forward nor backward due to geopolitical uncertainty, the ifo Institute said Monday.The ifo export expectations indicator increased to 0.1 point in April, from -0.7 points in March, as positive expectations roughly offset negative ones.Across the board, the export outlook for the automotive industry, electronics sector, and furniture manufacturers declined but remained generally positive. Expectations for shipments of food and beverages increased "significantly," while energy-intensive businesses forecasted lower exports.

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US Markets

GfK: German Consumer Confidence Hits Three-year Low as Iran War Fans Inflation Worries

Consumer confidence in Germany hit a three-year low, weighed down by falling income and economic expectations as higher energy prices due to the Iran war continue to fuel inflation worries.The consumer climate indicator for May declined to -33.3 points from a revised -28.1 points in April, market research company Growth from Knowledge said in its latest consumer climate survey published Monday. The reading marks the indicator's lowest level since February 2023.The consensus estimate for May was -30.2 points, based on Investing.com data.In April, the indicator for income expectations plunged 18.1 points to -24.4 points, while economic expectations for the next 12 months fell 6.8 points to -13.7 points as consumers become increasingly concerned that a prolonged war poses a "serious" setback to Germany's economic growth."Income expectations are literally collapsing because of rising inflation. And in this context, people also currently believe that the timing for major purchases is less favorable," said Rolf Bürkl, head of consumer climate at the Nuremberg Institute for Market Decisions.Consumers' willingness to buy is also becoming more pessimistic, with the indicator hitting a two-year low of -14.4 points, down from the previous month's -10.9 points. Meanwhile, their willingness to save remains at a "high level" of 16.1 points, despite slightly decreasing by 2.4 points."The inflation rate in Germany rose from 1.9 percent to 2.7 percent in March due to rising energy prices caused by the war in Iran, leading the majority of consumers to once again expect price increases," GfK noted. "Although the indicator for price expectations rose somewhat less sharply in April than in March-likely due to falling prices at the filling stations, the indicator's level has risen compared to the beginning of the year."

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International

GfK: German Consumer Sentiment to Further Deteriorate in May Amid Iran War Uncertainty

German consumer sentiment is expected to worsen in May, with the indicator down to -33.3 points from the revised -28.1 points in April, Growth from Knowledge said Monday.Analysts expected -29.5 points for the month.The latest reading reflects a sharp decline in income expectations and a decrease in the willingness to buy to a two-year low as inflation rises due to higher energy prices amid the Iran war.

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Equities

Moody's Keeps Norway's Ratings, Stable Outlook on Economic Strength

Moody's maintained the government of Norway's Aaa long-term issuer ratings with a stable outlook.The rating affirmation is supported by the country's "exceptionally strong" public sector balance sheet, "very low" risk to debt sustainability, institutional setup, wealth levels, and diversification offered by the Government Pension Fund Global's assets, according to an April 24 release.The stable outlook, meanwhile, reflects the lack of downward pressure on Norway's ratings, with Moody's noting the European country's effective fiscal and monetary policy response to potential shocks.Amid the Middle East conflict, the rating agency expects a "broadly neutral" impact on Norway's credit profile as higher government revenue due to energy price hikes is offset by upward pressure on inflation.

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International

Danske Bank Expects European Central Bank to Hold Deposit Rate in April Meeting; Summer Hikes to Follow

Danske Bank Research expects the European Central Bank to retain the deposit rate at 2% at its April monetary policy meeting but leave the door open for potential rate increases in the summer "to keep inflation expectations anchored.""Recent communication from the ECB's GC members has indicated that they are in no rush to increase policy rates ... The ECB is likely broadly satisfied with the current market pricing of 65bp worth of hikes this year. Although we do see room for market pricing falling slightly as most recent communication from the ECB's GC members has increasingly mentioned deteriorating growth prospects from higher energy prices," analysts said in a Friday preview note. "For this reason and given the extraordinary uncertainty about the economic outlook we do not expect any pre-commitments to summer hikes."In June and July, the research firm anticipates that the ECB would raise its key policy rates by 25 basis points, taking the deposit rate up to 2.5%.The ECB will publish its latest interest rate decision on April 30.

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International

Persian Gulf Uncertainty Undercuts European Bourses Midday

European bourses tracked moderately lower midday Friday as traders weighed the still-closed Strait of Hormuz, Persian Gulf turmoil, and rising global crude prices.Tech and energy stocks led gains on continental trading floors, while bank shares lagged.The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.Front-month North Sea Brent crude-oil futures were up 0.1% at $105.15 a barrel.Investors also eyed Wall Street futures unevenly in the green, and choppily higher closes overnight on Asian exchanges.In economic news, Germany's business climate index declined to 84.4 in April from 86.3 in March, striking its lowest level since May 2020 during the COVID-19 pandemic, reported the Institute for Economic Research (Ifo).The Stoxx Europe 600 Technology Index was up 1.4%, while the Stoxx 600 Banks Index lost 1.6%.The Stoxx Europe 600 Oil and Gas Index rose 1.2%, while the Stoxx 600 Europe Food and Beverage Index inclined 1.6%.The REITE, a European REIT index, fell 0.5%.On the national market indexes, Germany's DAX was up 0.3%, but the FTSE 100 in London lost 0.2%. The CAC 40 in Paris was down 0.3%, and Spain's IBEX 35 eased 0.7%.Yields on benchmark 10-year German bonds were higher, near 3.01%.The Euro Stoxx 50 volatility index was up 2.1% at 23.78, 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.

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International

German Ifo Business Climate Falls to Lowest Since May 2020

Germany's business climate index fell to 84.4 points in April 2026 from the revised 86.3 points in the previous month amid the Iran war, according to data from the ifo Institute published Friday.Analysts expected 85.7 points for the month, according to Investing.com. The latest reading marked the index's lowest level since May 2020.Meanwhile, the current situation index stood at 85.4 points, against the prior 86.7 points and the consensus estimate of 86.2 points.The expectations indicator declined to 83.3 points from the revised 85.9 points earlier and the market forecast of 85 points.

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International

Spanish Annual Producer Prices Up 3.4% in March

Producer prices in Spain rose 3.4% year over year in March, following a revised 6.9% decrease previously, data from the National Statistics Institute showed Friday.On a monthly basis, the industrial price index was 6.5% higher, after a revised 3% decline in February.

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International

French Household Confidence Indicator Sees Sharpest Decline Since March 2022

France's household confidence indicator dropped to 84 points in April 2026, marking its steepest decline since March 2022.A month earlier, the reading was 89 points, according to data from the national statistics agency Insee published Friday. The indicator remains below the long-term average of 100 points.Analysts expected 88 points for the month.

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International

Oil Prices, Stalled Peace Negotiations Dent European Bourses Midday

European bourses tracked moderately lower midday Thursday as traders weighed global petroleum prices topping $100 a barrel, stalled Middle East peace talks, and a still-closed Strait of Hormuz.Front-month North Sea Brent crude-oil futures were up 1.1% at $102.99 a barrel, in midday activity.The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.Food and oil stocks led gains on continental trading floors, while bank and tech shares lagged.Investors also eyed Wall Street futures in the red amid lower closes overnight on Asian exchanges.In economic news, the flash composite Eurozone purchasing managers index for output declined to 48.6 in April from 50.7 in March, trailing the 50-mark that separates growth from contraction, S&P Global reported.The Stoxx Europe 600 Technology Index was down 0.8%, and the Stoxx 600 Banks Index lost 1.4%.The Stoxx Europe 600 Oil and Gas Index gained 0.6%, while the Stoxx 600 Europe Food and Beverage Index rose 1.4%.The REITE, a European REIT index, lost 0.6%.On the national market indexes, Germany's DAX was down 0.4%, and the FTSE 100 in London lost 0.8%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 eased 1.1%.Yields on benchmark 10-year German bonds were higher, near 3.02%.The Euro Stoxx 50 volatility index was up 3.3% at 24.13, 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.

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International

Flash PMI: Eurozone Private Sector Activity Contracts in April Amid Middle East Conflict

The euro area's private sector output fell for the first time in 16 months in April, with a decline in new orders for the second straight month amid the ongoing war in the Middle EastThe seasonally adjusted S&P Global Flash Eurozone Composite PMI Output Index hit a 17-month low of 48.6, below the previous 50.7 and expected 50.2, flash data from S&P Global showed Thursday.Meanwhile, the services PMI reached a 62-month low of 47.4, against the earlier reading of 50.2 and the market forecast of 49.8. On the manufacturing side, the PMI rose to a 47-month high of 52.2 from the prior month's 51.6 and the Investing.com consensus estimate of 50.9.

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International

German Private Sector Returns to Negative Territory in April, Flash Data Shows

Germany's private sector output contracted for the first time in nearly a year, as the impact of the Middle East conflict resulted in the sharpest drop in new orders since December 2024.The Flash Germany Composite PMI Output Index came in at 48.3 in April 2026, down from 51.9 a month ago, flash data from S&P Global showed Thursday. The reading, which marks a 16-month low, is below the consensus estimate of 51.1.For the manufacturing sector, the PMI was at a two-month low of 51.2, against the prior reading of 52.2 and the Investing.com market forecast of 51.4. On the services side, the PMI hit a 41-month low of 46.9, compared with the previous 50.9 and consensus estimate of 50.4.

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International

Flash PMI: French Private Sector Activity Falls to 14-Month Low in April

The decline in France's private sector business activity worsened in April due to a steeper contraction in the service sector, while manufacturing production expanded at the strongest rate in over four years.The S&P Global Flash France Composite PMI Output Index hit a 14-month low of 47.6 in April, against the prior reading of 48.8, data from S&P Global showed Thursday. Analysts expected a reading of 48.6.For the manufacturing sector, the PMI was at a 47-month high of 52.8, compared with the March reading of 50 and the consensus estimate of 49.5. On the other hand, the services PMI clocked in at a 14-month low of 46.5, compared with the previous 48.8 and market forecast of 48.4.

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International

French Business Climate Worsens in April

France's business climate indicator edged down to 94 in April from the revised 97.2 in March, according to data from the country's statistical agency Insee published Thursday.The latest reading, which missed the market forecast of 96, remains below the long-term average of 100 and marks the index's return to its July 2024 level.For the manufacturing sector alone, the index came in at 100.2, against the revised prior reading of 99.4 and the consensus estimate of 99.

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International

EU New Car Registrations Rise 12.5% in March

The European Union's new car registrations increased 12.5% year over year to 1,158,316 units in March, according to data from the European Automobile Manufacturers' Association published Thursday.In the first quarter of 2026, new car registrations in the EU totaled 2,822,616 units, reflecting a 4% annual jump.

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International

Euro Area Consumer Confidence Drops in April, Flash Data Shows

The euro area's consumer confidence index stood at -20.6 points in April, lower than the revised -16.4 points in March, according to the European Commission's flash data published Wednesday.Analysts expected -18 points for the month, according to Investing.com.

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