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Germany April HICP MoM below expectations

European major stock index futures rising

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513080

L5EW

Euro area Q1 GDP confirmed at 0.1% Q/Q, the weakest in nine quarters, with industrial output falling 0.9% Q/Q, the sharpest drop in two years. Employment growth slowed to 0.1% Q/Q, with Germany and France facing significant job losses. Consumer confidence is declining, leading to expectations of reduced household spending and further economic pressure in Q2. The ECB may need to maintain an accommodative stance due to these economic challenges, particularly in France and Germany, which heavily influence euro area demand.

- The Eurozone's GDP confirmed a 0.1% quarter-on-quarter growth for the first quarter, marking one of the weakest expansions in over two years.  
- Industrial production declined sharply by 0.9%, primarily due to weak energy output and a significant drop in non-durable goods, while employment growth slowed notably to just 0.1%.  
- Consumer confidence is declining, and businesses plan to cut jobs at the fastest rate in five years, suggesting further demand-side pressures and potentially negative impacts on GDP growth in the upcoming quarter.

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SPDR EURO STOXX 50 ETF

Global X DAX Germany ETF

ETFS Capital Ltd.

Huaan France CAC40 ETF(QDII)

Ossiam Euro STOXX 50 Equal Weight NR UCITS ETF -1C-EUR

Deutsche Bank AG

ICYMI - Euro area GDP weakest in 9 quarters, jobs slow, industry falls sharpest in 2 years

ECB's Lane stated that monetary policy decisions will be made on a meeting-by-meeting basis, influenced by incoming data on inflation, wages, growth, and financial markets. He highlighted that supply-driven energy shocks are negatively impacting euro area growth, with global shocks causing more significant damage than regional ones. Inflation risks are being monitored closely, particularly regarding wage growth and pricing behavior. The current economic environment is more contained than in 2022, but the ECB must remain vigilant against inflation expectations becoming unanchored.

- European Central Bank's Lane highlighted that supply-driven energy shocks could reduce Eurozone GDP growth by approximately 0.2–0.3 percentage points due to rising oil prices.  
- Lane emphasized that global energy shocks have a more destructive impact than regional shocks, leading to increased costs and stronger inflationary pressures.  
- He noted that the current economic environment differs from 2022, with softer inflation and wage pressure, while the ECB's policy response will rely on data regarding inflation persistence and broader economic indicators.

ECBs Lane:Monetary policy decisions will continue to be made on a meeting-by-meeting basis

European Central Bank Chief Economist Philip Lane has stated that the increase in sales price expectations suggests that production cost pressures will lead to higher output prices in the coming months. According to Jin10, Lane emphasized the correlation between rising production costs and the anticipated increase in output prices, highlighting the potential impact on the economy.

CoinLive

ECB Chief Economist: Rising Sales Price Expectations Indicate Higher Output Prices Ahead

European Central Bank member Olli Rehn indicated that data suggests the onset of stagflation due to the Iran war and rising energy prices. He noted slight growth in the euro area and inflation at 3%. While the current shock is less severe than in 2022, it deviates from the ECB's outlook. Policymakers are cautious about interest rate hikes, awaiting more data on the conflict's impact. Eurozone growth is expected to soften, with France reporting a rise in unemployment to 8.1%. Investors anticipate a rate increase in June, but officials remain hesitant to confirm.

- European Central Bank governing council member Olli Rehn warned of signs of stagflation due to the Iran conflict and rising energy prices.  
- He noted that eurozone growth for the first quarter was only slightly positive, with inflation accelerating to 3%, and emphasized that current shocks are not as severe as seen during the price surge in 2022.  
- Despite inflation surpassing the ECB's 2% target, policymakers remain cautious about interest rate hikes, waiting for further information on the wider impacts of the conflict.

Businesstimes News

ECB’s Rehn says data show first signs of stagflationary shock

ECB's Muller emphasizes the need for a quick resolution regarding the Strait of Hormuz to avoid a rate hike in June. Despite rising inflation due to the US-Iran conflict, he remains optimistic about the Eurozone's economic foundation, which has not entered stagflation. The Eurozone GDP showed a modest 0.1% growth in Q1, with a slowdown expected in Q2. ECB President Lagarde notes a "double uncertainty" regarding energy shocks and their effects on wages and prices, suggesting potential interest rate hikes if conditions do not improve.

- The Eurozone has not yet fallen into stagflation, and there is no reason to talk about recession.  
- Müller expresses cautious optimism about the economic fundamentals despite rising inflation and economic activity suppression from geopolitical tensions.  
- The European Central Bank needs to respond quickly to disruptions in the Strait of Hormuz to avoid interest rate increases in June, with officials warning that two rate hikes may be necessary if conditions do not improve.

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Currencyshares Euro Trust

Pro Ultr Euro

ECB's Muller: The ECB will need a fast resolution on Hormuz to hold in June

RITL

RITS

According to Eurostat, on a seasonally adjusted basis, Eurozone GDP in 1Q26 rose 0.1% QoQ (up 0.2% in 4Q25); and increased 0.8% YoY (up 1.3% in 4Q25). Both figures were unchanged from the preliminary estimates and in line with market expectations. (su/a) AASTOCKS Financial News

- In the first quarter of 2026, the Eurozone's GDP experienced a sequential increase of 0.1%.  
- Year-on-year, the GDP grew by 0.8%, reflecting a decline from 1.3% in the previous quarter.  
- These figures align with preliminary estimates and meet market expectations, according to data from Eurostat.

AASTOCKS News

RBS Market Access SICAV - RBS Market Access Leveraged FTSE MIB Monthly Index ETF Capitalisation

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Eurozone 1Q26 GDP Rises 0.1% QoQ, In Line

HUKX

L100

European equities rose, with London (UKX) up 0.57%, driven by gains in banks and miners. Germany's DAX increased by 1.02%, recovering from previous losses, while wholesale prices surged 6.3% year-on-year in April. France's CAC saw a modest rise of 0.14%, but inflation climbed to 2.2% and unemployment reached its highest level since 2021. Slovakia's economy also showed signs of expansion.

HSBC FTSE 100 UCITS ETF

Lyxor FTSE 100 UCITS ETF

European equities gain on corporate earnings ahead of key US data

Germany's Federal Statistical Office announced that, driven by higher wholesale prices of energy products and raw materials amid the Iran conflict, Germany's Wholesale Price Index (WPI) growth accelerated to 6.3% YoY in April, the highest level since February 2023, compared with a prior increase of 4.1%. During the period, the WPI for mineral oil products rose 37.3% YoY, with a 12.7% MoM increase.Germany's WPI increased 2% MoM in April, above market expectations of a 1.7% rise. (da/u)

- The German Federal Statistical Office announced that the wholesale price index (WPI) rose to 6.3% year-on-year in April, the highest since February 2023, due to increased prices of energy products and raw materials resulting from the Iran conflict.  
- The previous increase was 4.1%, and mineral oil products saw a year-on-year rise of 37.3% and a month-on-month increase of 12.7%.  
- Additionally, the WPI increased by 2% month-on-month in April, exceeding market expectations of 1.7%.

Germany Apr WPI +6.3% YoY, Highest in Over Three Years; Mineral Oil Products WPI +37.3%

DES2

The DAX index fell by 1.62% today, closing at 23954.93, marking its largest decline since March 20, 2026. It has decreased in three of the last four trading days and is down 5.77% from its record close of 25420.66 on January 13, 2026. This is the lowest closing value since April 29, 2026, and it is down 1.39% month-to-date and 2.19% year-to-date.

MorningStar

Legal & General Group Plc

DAX Ends 1.62% Lower at 23954.93 — Data Talk

German economic confidence unexpectedly improved in May, with the ZEW indicator of economic sentiment rising to -10.2 from -17.2 in April, despite forecasts predicting a drop to -19.1. This marks the third consecutive month the index has remained negative, as financial experts anticipate an end to the Iran war, according to the Mannheim-based Centre for European Economic Research (ZEW).

- A recent survey by the Centre for European Economic Research (ZEW) in Mannheim indicates an unexpected improvement in German economic confidence for May.  
- The ZEW economic sentiment indicator rose to -10.2 from -17.2 in the previous month, despite expectations for a decline to -19.1.  
- This index has remained in negative territory for three consecutive months.

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