Economic Indicators and Revisions in the UK and Europe

Recent consumer price inflation data from various European countries, including Germany, Italy, and Ireland, is expected to show a decline, following lower-than-anticipated figures from France. These trends will be relevant during European Central Bank President Lagarde's address to the European Parliament, where she will likely present evidence of inflation decreasing below the 2% benchmark. In the UK, second quarter GDP figures are under revision, which often results in upward adjustments due to structural changes in the economy, particularly within the service sector. Additionally, Japan's retail sales have exceeded expectations, although the nominal growth is partly attributed to inflation—not real economic expansion, indicating caution in interpreting these figures.