European Macro: GDP Surprise Beat, Italy CPI Spike, ECB Hawks
Euro Area Q3 GDP came in at +0.4% QoQ vs +0.2% expected, but Italy's October CPI surged to +5.6% vs +4.6% est., rekindling inflation concerns just as ECB's Nagel warned the bank will 'act decisively if necessary.'
What we know
An account on X reported the Euro Area GDP beat (+0.4% vs +0.2%). Almost simultaneously, another account on X reported Italy's harmonized CPI at +5.6% YoY — a full percentage point above estimates. ECB's Nagel added hawkish framing, saying the bank would 'act decisively' if necessary. Separately, the BOE Survey found no evidence of inflation premium in pay awards and limited pass-through of cost pressures to prices — a more dovish signal across the channel.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.