External broker reports, Nordea

Nordea

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External broker reports

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.</li><li>The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.</li><li>November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Euro-area flash inflation:  In support of unchanged ECB rates