Annual headline inflation in the euro area climbed to 3.0% this month – the most since September 2023 – matching the estimate and outpacing the March rate of 2.6%. However, the core rate eased a tenth as expected to 2.2%. suggesting a lack of second-round effects.
The war continued to drive energy price growth, which surged to 10.9% y/y this month from 5.1% in March and a decline of 3.1% in February. “As energy prices are likely to remain elevated in the coming months, after declining throughout 2025, the contribution of energy prices to headline inflation should further increase,” wrote ING.
Brent crude pushed past USD 120/bbl overnight before dropping to around USD 110 in Europe’s morning session.
Just the beginning of slower growth?
The EU statistics office Eurostat said seasonally adjusted Eurozone GDP expanded at a quarterly rate of 0.1% in Q1, less than the market expectation of 0.2%, the rate in Q4.
Oxford Economics said, “Today’s figure for the bloc is lower than we had expected, but it mainly reflects a sharp decline in Ireland and some seasonal factors for the Eurozone, rather than the impact of the war, whose negative effects will be more visible from Q2”.
PMIs during the first quarter suggested solid Eurozone economic activity, with results from March, the first month of the war, pointing to growth. The manufacturing measure shot to a 45-month high of 51.6 points thanks to companies stockpiling amid worries of rising costs for raw materials and a breakdown of supply chains due to the war. But the March services index fell to a 10-month low, which reduced the overall composite reading to 50.2 points, its worst mark in nine months but still in the expansion zone above 50.
Big Four breakdown
Germany reported Q1 growth of 0.3% q/q, which matched its Q4 result and beat the forecast of 0.1%. EU-harmonised inflation in Europe’s largest economy this month rose a tenth to 2.9% y/y, leaving it below the market estimate of 3.1%.
French Q1 growth flatlined to fall short of the 0.2% estimate, which was also the increase in Q4. EU inflation jumped half a point to 2.5% versus the estimate of 2.3%
Italian GDP improved 0.2%, beating the 0.1% estimate but undershooting the March rate of 0.3%. Inflation surged to 2.9%, outpacing the forecast of 2.5% and March’s 1.9%.
Spain said growth hit 0.6%, a tenth higher than the estimate but below Q4’s 0.8%. Consumer price growth slipped a tenth to 2.8%.
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var assigned_server = 3001;
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case 'PauseLogging': clearTimeout(logging_interval); break;
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case 'PlayerLogResponse': player_log_response(msg.data); break;
case 'CloseSocket': close_socket(); break;
case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
case 'PlayerDisconnectedAnnoucementTimeoutClear': player_disconnected_annoucement_timeout_clear(); break;
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data_array.logs = data.logs;
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function request_message_search(data) {
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function request_more_messages(data) {
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data_array.last_record_id = data.last_record_id;
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if (socket.readyState == 1) { socket.send(msg_string); }
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function check_channel_status(data) {
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function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
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function join_publisher_channel(data) {
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data_array.subscriber_group = data.subscriber_group;
data_array.display_name = data.display_name;
data_array.single_sign_on = data.single_sign_on;
data_array.remote_ip = data.remote_ip;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
data_array.from_react = data.from_react;
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var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) {
socket.send(msg_string); }
postMessage({action: 'PublisherChannelJoined' });
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
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function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
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var data = JSON.parse(msg_string);
switch(data.type) {
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}
};
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function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
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function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
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function request_server_assignment() {
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socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
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socket.onmessage = function(event) {
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var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
case 'application_refresh_start': application_refresh_start(data); break;
case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
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case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
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socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
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socket.onclose = function(event) {
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reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
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function close_socket() {
clearTimeout(socket_close_timeout);
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socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
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function join_player_channel(data) {
var data_array = {};
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data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
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data_array.current_page = data.current_page;
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postMessage({action: 'PlayerChannelJoined' });
playing = true;
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function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
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function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
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function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- Consumer prices rise most since 2023
- Core inflation dips
- GDP expansion weaker than expected
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
30 April 2026 | 10:30 GMT
The Iran war continues to impact the Eurozone, which Thursday reported higher inflation this month along with slower growth last quarter.
The data came just hours ahead of the latest decision from the European Central Bank rate, with economists expecting officials to hold key rates at current levels.
Annual headline inflation in the euro area climbed to 3.0% this month – the most since September 2023 – matching the estimate and outpacing the March rate of 2.6%. However, the core rate eased a tenth as expected to 2.2%. suggesting a lack of second-round effects.
The war continued to drive energy price growth, which surged to 10.9% y/y this month from 5.1% in March and a decline of 3.1% in February. “As energy prices are likely to remain elevated in the coming months, after declining throughout 2025, the contribution of energy prices to headline inflation should further increase,” wrote ING.
Brent crude pushed past USD 120/bbl overnight before dropping to around USD 110 in Europe’s morning session.
Just the beginning of slower growth?
The EU statistics office Eurostat said seasonally adjusted Eurozone GDP expanded at a quarterly rate of 0.1% in Q1, less than the market expectation of 0.2%, the rate in Q4.
Oxford Economics said, “Today’s figure for the bloc is lower than we had expected, but it mainly reflects a sharp decline in Ireland and some seasonal factors for the Eurozone, rather than the impact of the war, whose negative effects will be more visible from Q2”.
PMIs during the first quarter suggested solid Eurozone economic activity, with results from March, the first month of the war, pointing to growth. The manufacturing measure shot to a 45-month high of 51.6 points thanks to companies stockpiling amid worries of rising costs for raw materials and a breakdown of supply chains due to the war. But the March services index fell to a 10-month low, which reduced the overall composite reading to 50.2 points, its worst mark in nine months but still in the expansion zone above 50.
Big Four breakdown
Germany reported Q1 growth of 0.3% q/q, which matched its Q4 result and beat the forecast of 0.1%. EU-harmonised inflation in Europe’s largest economy this month rose a tenth to 2.9% y/y, leaving it below the market estimate of 3.1%.
French Q1 growth flatlined to fall short of the 0.2% estimate, which was also the increase in Q4. EU inflation jumped half a point to 2.5% versus the estimate of 2.3%
Italian GDP improved 0.2%, beating the 0.1% estimate but undershooting the March rate of 0.3%. Inflation surged to 2.9%, outpacing the forecast of 2.5% and March’s 1.9%.
Spain said growth hit 0.6%, a tenth higher than the estimate but below Q4’s 0.8%. Consumer price growth slipped a tenth to 2.8%.
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