Spanish GDP and inflation data now out
– +0.8% prev
– yy +3.5% vs +3.4% exp/prev
– flash mm -1.9% vs -1.5% exp
– yy-0.3% vs +0.1% exp vs 0.0% prev
– HICP mm -2.5% vs -2.0% exp vs -0.4% prev
Softer inflation should surprise no one but disappointing nonetheless.