Eurozone core CPI edged lower and survey inflation expectations cooled, but industry sentiment stayed weak and Spain’s headline inflation ticked up. Across major EMs, Brazil showed firmer prices and steady hiring, India’s industrial momentum moderated, and Mexico’s jobless rate stayed near historic lows. Spain was a notable divergence: CPI accelerated to 2.9% y/y (HICP 3.0%), though the national CPI fell −0.4% m/m; retail sales eased to 4.5% y/y. Italy’s non-EU trade surplus narrowed to €1.78bn and BTPs priced slightly higher yields (5-yr 2.94%, 10-yr 3.62%). Consumer credit rose £1.692bn; M4 money growth picked up 0.4% m/m; mortgage approvals slipped to 64.7k and mortgage lending cooled to £4.31bn.