Eurozone’s March Business and Consumer Survey 99.3 (expected 99.8; last 99.6)
Italy’s February Unemployment Rate 8.0%, as expected (last 8.0%). February PPI -1.0% m/m (last -7.5%); 9.6% yr/yr (last 31.7%)
Spain’s February Retail Sales 4.0% yr/yr (last 5.5%). March CPI 0.4% m/m (expected 0.7%; last 0.9%); 3.3% yr/yr (expected 3.8%; last 6.0%). March Business Confidence -2.9 (expected -4.5; last -5.8)
European Central Bank policymaker Schnabel said that rising unit labor costs suggest the presence of second round inflationary effects, adding that she has not seen a general outflow of deposits from eurozone banks.
The latest economic bulletin from the ECB noted that inflation is projected to remain “too high for too long.”