Eurozone Awaits Q2 GDP and German CPI Amid Rising ECB Rate Hike Expectations

Second-quarter GDP figures for Spain, Italy, Germany, and the eurozone as a whole are scheduled for release today, with expectations pointing to a notable slowdown in year-on-year growth for Spain and Italy. Additionally, Germany's Consumer Price Index (CPI) for July is due, with forecasts indicating a rise to 2.7% year-on-year from 2.3% previously. Despite the European Central Bank (ECB) having left rates unchanged last week, markets are now pricing a 90% probability of a September rate hike, reflecting heightened inflation concerns.