The broad-based major European indices closed sharply lower in Friday’s trading session, as automakers, chemicals companies, and utilities providers burdened the markets. In economic news, household income per capita in the euro area increased 0.2% in Q1, after a decrease of 0.1% in the previous quarter, reported Eurostat, the statistical office of the European Union. Household real consumption per capita was stable in Q1 after an increase of 0.1% in Q4 of 2016.
Spain’s GDP rose 0.9% in Q2 due to improved exports and household spending, according to Spain’s Institute for National Statistics (INE). The statistics indicate that Spain’s economy, which was bailed out by the EU in 2012, has finally returned to the same size it was prior to the 2008 financial crisis. In Germany, the inflation rate as measured by the consumer price index is expected to be 1.7% in July 2017, according to the Federal Statistical Office (Destatis). Destatis also reports that the consumer prices are expected to increase 0.4% from June.