ECB'S SAFE SURVEY: FIRMS CONTINUED TO SEE A DETERIORATION IN THEIR PROFITS

The ECB's SAFE survey revealed that eurozone firms continued to report a deterioration in profit expectations, reflecting persistent margin pressures amid elevated input costs and weak demand. This sentiment weighs on the euro area’s inflation dynamics, reinforcing expectations that the ECB will maintain a dovish monetary stance to support economic activity. The transmission channel centers on reduced corporate pricing power and weaker earnings growth, which may dampen business investment and labor market resilience. Equities, particularly in the eurozone’s cyclical and manufacturing sectors, are most exposed due to sensitivity to profit margin compression. Traders will focus on the upcoming ECB meeting minutes for signals on whether policymakers are considering additional rate cuts in response to softening corporate conditions.

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