07:45 AM GMT, France - Inflation Data for October:
- French CPI: actual 0.1% MoM; forecast 0.1% MoM; previous -1.0% MoM;
- French CPI: actual 0.9% YoY; forecast 1.0% YoY; previous 1.2% YoY;
- French HICP: actual 0.1% MoM; forecast 0.1% MoM; previous -1.1% MoM;
- French HICP: actual 0.8% YoY; forecast 0.9% YoY; previous 1.1% YoY;
08:00 AM GMT, Spain - Inflation Data for October:
- Spanish CPI: actual 0.7% MoM; forecast 0.7% MoM; previous -0.3% MoM;
- Spanish CPI: actual 3.1% YoY; forecast 3.1% YoY; previous 3.0% YoY;
- Spanish HICP: actual 0.5% MoM; forecast 0.5% MoM; previous 0.2% MoM;
- Spanish HICP: actual 3.2% YoY; forecast 3.2% YoY; previous 3.0% YoY;
Inflation data shows a mixed picture across the euro area. In Spain, headline HICP inflation held exactly in line with the preliminary estimate at 3.2% y/y, up from 3.0% previously, signalling that underlying price pressures remain sticky. Alongside similar signs from Germany, this supports the case for the ECB to keep rates unchanged through the end of the year.
In France, headline inflation softened to 0.8% y/y, just below the 0.9% preliminary reading and 1.1% y/y in September.

Economic calendar: Eurozone GDP and speeches from additional FOMC members 🎙️
Morning Wrap (14.11.2025)
Daily Summary: Shutdown ends, rate cut fades and risk is off
US OPEN: End of Shutdown but not end of decline