The euro area's January-July trade surplus collapsed 82% to €17.0bn from €92.8bn, even as headline inflation held at 3.2% in August. German wholesale prices and Spanish bond yields point to an energy-driven strain the calm inflation print is hiding.
ABN AMRO's Andrei Ilchenko maps the August inflation rebound against rising Bund and BTP yields, noting June–August HICP still annualised at only 2.2% even after the ECB's hike to 2.50%. Source
