European Week Ahead August 24 August 30

Economics Research 23 August 2026 | 7:28AM BST

European Week Ahead: August 24 - August 30

The key data releases this week are French consumer confidence and German IFO business Sven Jari Stehn | climate; Norwegian mainland GDP growth; and preliminary HICP inflation for France and Goldman Sachs International

Spain, Germany’s seasonally adjusted unemployment claims rate, and euro-area final Filippo Taddei | consumer confidence. Goldman Sachs International

Alexandre Stott Euro Area | Goldman Sachs Bank Europe SE - Paris Branch Tuesday 25 August James Moberly 07:00 German GDP SA QoQ, 2Q F (GS 0.2%qoq, consensus 0.2%qoq, last | 0.2%qoq) Goldman Sachs International

Niklas Garnadt 07:45 French Consumer Confidence, Aug (consensus 86.0, last 86.0) | Goldman Sachs Bank Europe SE 08:00 Spanish PPI YoY, Jul (last 7.0%yoy) Katya Vashkinskaya | 09:00 German IFO Business Climate, Aug (consensus 87.2, last 86.6) Goldman Sachs International

Giovanni Pierdomenico Wednesday 26 August | 11:10 ECB’s Cipollone speaks Goldman Sachs International

Mr Cipollone delivers a speech on the future of payments at Deutsche Bundesbank’s symposium in Frankfurt

Thursday 27 August 07:45 French PPI YoY, Jul (last 2.6%yoy)

09:00 Euro Area M3 Money Supply YoY, Jul (consensus 3.4%yoy, last 3.3%yoy)

Friday 28 August 07:45 French HICP YoY, Aug P (GS 2.7%yoy, consensus 2.6%yoy, last 2.4%yoy)

We expect French headline inflation to increase to 2.7%yoy in August from 2.4%yoy in July, and core inflation to move down to a strong 1.3%yoy, reflecting somewhat stronger core goods but weaker services inflation on a year-over-year basis. We expect a 6.9%mom nsa increase in accommodation services, a 3.4%mom nsa decline in airfares, a 15.5%mom nsa increase for package holidays, and continued strength in mobile communication services. We see garments and footwear rising further than last year to compensate for a bigger-than-expected decline in July. Outside of core, we look for energy inflation to rise to 17.3%yoy from 12.5% in July, with upward pressure coming from further tightening in fuel prices and an increase in regulated

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Goldman Sachs European Week Ahead

electricity prices, slightly offset by a reset lower in the benchmark gas sales price. We look for processed food inflation to stay at -0.1%yoy and unprocessed food inflation to stay at 4.1%.

07:45 French GDP QoQ, 2Q F (GS 0.2%qoq, consensus 0.2%qoq, last 0.2%qoq)

07:45 French Consumer Spending YoY, Jul (last 0.1%yoy)

08:00 Spanish HICP YoY, Aug P (GS 4.6%yoy, consensus 4.6%yoy, last 3.9%yoy)

We expect Spanish headline inflation to increase to 4.6%yoy in August from 3.9%yoy in July, and core inflation to move sideways at 3.7%yoy, reflecting broadly stable core goods and core services inflation on a year-over-year basis. We expect a 6.8%mom nsa increase in the package holidays component, a 1.7%mom nsa increase in accommodation services and a 6.8%mom nsa increase in airfares, with balanced risks as there is mixed evidence on the strength of the travel season, also applicable to the smaller tourist-heavy economies such as Greece and Portugal. We expect both garments and footwear to decline somewhat less than in August 2025, rather resembling their 2023 seasonality. Across the non-core categories, we look for energy inflation to increase to 17.6%yoy from 10.2%yoy in July, with fuel prices seeing continued notable gains in August (13% for diesel, 8% for petrol). As for food inflation, we see processed food inflation ticking up to 1.3%yoy, and unprocessed food inflation increasing to 3.3%yoy.

08:55 German Unemployment Claims Rate SA, Aug (consensus 6.4%, last 6.4%)

10:00 Italian Manufacturing Confidence, Aug (last 89.6)

10:00 Euro Area Consumer Confidence, Aug F

Ms Schnabel participates in a panel discussion on financial innovation at the Federal Reserve Bank of Kansas City Economic Policy Symposium in Jackson Hole

United Kingdom Friday 28 August 00:01 Lloyds Business Barometer, Aug (last 49.0)

Scandinavia Monday 24 August 09:15 Norges Bank’s Bache speaks

Ms…