More from ECBs Schnabel: We expect wage growth remains high this year and rather bumpy

• Inflation to remain a bit bumpy due to energy.
• We expect wage growth remains highest year and rather bumpy
• Data today is the first indication that we have reached a turning point.
• Relatively strong consumption data in Germany and France give some hope for a turnaround
• Geopolitical risks have increased significantly.
• Major worry is protectionism, in light of US election.
• Expect more frequent supply-side shocks, which will have impact on inflation.

Looking at the economic data released earlier today:

• German Prelim CPI m/m

• Actual: 0.4% (BEAT Forecast: 0.2%, Previous: 0.0%)

• French Consumer Spending m/m

• Actual: 0.1% (MET Forecast: 0.1%, Previous: 0.4%)

• French Flash GDP q/q

• Actual: 0.4% (BEAT Forecast: 0.3%, Previous: 0.2%)

• Spanish Flash CPI y/y

• Actual: 1.8% (BEAT Forecast: 1.7%, Previous: 1.5%)

• Spanish Flash GDP q/q

• Actual: 0.8% (BEAT Forecast: 0.6%, Previous: 0.8%)

• German Unemployment Change

• Actual: 27K (MISSED Forecast: 15K, Previous: 19K)

• Italian Prelim GDP q/q

• Actual: 0.0% (MISSED Forecast: 0.2%,Previous: 0.2%)

• German Prelim GDP q/q

• Actual: 0.2% (BEAT Forecast: -0.1%, Previous: -0.3%)

• EU Prelim Flash GDP q/q

• Actual: 0.4% (BEAT Forecast: 0.2%, Previous: 0.2%)

This article was written by Greg Michalowski at www.forexlive.com.