Thursday's session brought German CPI and Spanish CPI figures were released. The inflation rate in Germany as measured by the consumer price index is expected to be 1.6% in June 2017. Based on the results available so far, the Federal Statistical Office (Destatis) also reports that the consumer prices are expected to increase by 0.2% on May 2017. In June 2017, the harmonised index of consumer prices for Germany, which is calculated for European purposes, is expected to increase by 1.5% year on year and by 0.2% on May 2017.

Separate report showed that Spanish CPI in June 2017 is 1.5%. This indicator provides a preview of the CPI that, if confirmed, would imply a decrease of four tenths in its annual rate, given that in May this change was 1.9%. It is worth nothing in this behaviour the decrease in the prices of fuels (diesel and gasoline/petrol), compared to the increase that they experienced last year. This evolution was also due to the increase in prices of electricity, lower than that of June 2016.

Friday's session was marked by Eurozone CPI figures. Euro area annual inflation is expected to be 1.3% in June 2017, down from 1.4% in May 2017, according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in June (1.9%, compared with 4.5% in May), followed by services (1.6%, compared with 1.3% in May), food, alcohol & tobacco (1.4%, compared with 1.5% in May) and non-energy industrial goods (0.4%, compared with 0.3% in May).

This week markets will be looking at:

Spanish Manufacturing PMI (Monday 9:15)

Spanish Unemployment Change (Tuesday 9:00)