Today’s European data leaned mildly disinflationary in the euro area, mixed in Spain, and a touch firmer on UK credit aggregates. Industrial sentiment weakened to −10.3 (from −10.2), while services sentiment eased to 3.6 (3.8 prior). Mortgage approvals were 64.68k (65k consensus), mortgage lending slowed to 4.31B (4.80B). Market implicationsRates: Euro front-end may bull-steepen modestly on softer core CPI and weaker industry; UK front-end could stay supported by resilient credit but soft housing. UK mortgage rate pass-through across Q4 to gauge consumption resilience.