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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EXECUTIVE SUMMARY
Eurozone August flash headline HICP printed 5.3% Y/Y and 0.6% M/M (vs 5.3% Y/Y and -0.1% M/M prior), roughly in line with expectations. Core HICP was 5.3%, a small step down from July and generally in line with expecations made before and after the national
- Monthly core HICP re-entered inflationary territory at 0.3% M/M (vs -0.1% prior), while services saw a welcomed sequential monthly step down to 0.2% M/M (from 1.3% prior). MNI's momentum indicators show that services and core momentum moderated slightly in August, which will be viewed by the ECB as another step in the right direction.
- Overall the August report leaves a September ECB hike in the balance, with too little disinflationary progress for comfort, but leaving enough ambiguity about the persistence of price pressures to reconsider further tightening.
- Our review of August's preliminary Eurozone inflation data includes breakdowns and analysis of the national inflation prints, and some sell-side reactions.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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