Inflation roundup

There have been some big moves in markets the past few days but inflation numbers across the Eurozone will still be in focus, even if they are unlikely to have an immediate effect on market pricing today.

• Spanish HICP yesterday came in well above expectations at 4.0%Y/Y (3.5% exp, 3.3% prev) with the M/M print at 1.1% (0.9% exp).
• This morning's French HICP print was a tenth lower than expected at 2.7%Y/Y (2.8% exp, 2.4% prev) with the M/M print falling -0.2% (-0.1% exp).
• We will also receive the Italian inflation print at 10:00BST. Consensus looks for HICP of 3.0%Y/Y, up from 2.5% in August.
• German State data is also pointing to small downside risks to the national print later. The national print is expected to come in at 0.1%M/M. So far Hesse is at 0.1%M/M while North Rhine Westphalia, Baden Wuerttemberg and Bavaria are all 0.0%M/M and Brandenburg was -0.1%M/M. Saxony is still due to report at 10:00BST/11:00CET.
• The German national print will then be released at 13:00BST alongside the HICP print. Note that the latter is expected to rise to 4.0%Y/Y from 3.4% in August.