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Germany’s current account surplus reached €19 billion in June 2026, widening from a surplus of €17.2 in the same period a year earlier. The goods surplus increased to €17.3 billion from €15.4 billion, while the primary income surplus was broadly unchanged at €13.96 billion. The secondary income deficit narrowed slightly to €4.99 billion from €5.1 billion, partly offsetting a wider services deficit of €7.2 billion versus €7.1 billion a year earlier. In the first half of 2026, the current account surplus narrowed slightly to €106.3 billion from €107.2 billion in the same period of 2025.

Germany Current Account Surplus Widens in July

The DAX 40 gave up early gains to close about 0.2% lower on Wednesday after hitting a fresh intraday record of 26,574, ending a four-day rally as investors took profits amid uncertainty over the Iran conflict and Strait of Hormuz reopening. Focus also remained on economic data and earnings. Software, consumer cyclicals, telecoms, utilities and autos came under pressure, while industrials and tech stocks advanced. E.ON fell nearly 3% after modest first-half earnings growth, with its CEO warning of potential attacks on the country’s energy infrastructure. Brenntag dropped 2.2% after JPMorgan maintained its Sell rating even after solid Q2 performance and an improved full-year earnings outlook. Rheinmetall led gainers with a 2.3% rise, followed by Siemens Energy (+1.9%) and Infineon Technologies (+1.1%). TKMS surged 8.5% after strong results and an upgraded full-year revenue outlook.

DAX Snaps 4-Day Advance

The FTSE MIB closed largely unchanged at 53,699 on Wednesday, holding near record levels for a third straight session as losses for utilities offset renewed positive sentiment over AI spending. AI-related stocks advanced after upbeat sales forecasts from Tencent, CoreWeave, and Super Micro Computer, driven by stronger AI spending, with Prysmian rising 3% and STMicroelectronics adding 0.6% in Milan. Defense stocks also gained amid elevated geopolitical risks, led by Avio (1.7%) and Leonardo (1.4%). Financials remain mixed despite easing pressures of a Fed rate hike in September, while consolidation prospects continue. Unipol gained 1.9% after Berenberg stated the lender fully set to implement an MPS carve-out deal, while UniCredit lost 0.1% after reports that the ECB is leaning towards approving the lender's takeover bid of Commerzbank. Utilities weighed as European natural gas prices surged, led by Enel (-1.3%). Diasorin fell 3.3% after a UBS downgrade to "sell".

FTSE MIB Ends Flat Near Record Highs

Russia’s annual inflation rate held at 6.0% in July 2026, matching June’s reading and remaining at its highest level since January. Motor gasoline inflation accelerated sharply to 25.9% from 19.9%, amid a severe fuel shortage as Ukrainian drone attacks disrupted refinery output. Core inflation rose to 5.2% from 5.0%, while goods inflation accelerated to 5.3% from 4.3%, driven by faster food price growth (4.4% vs 3.4%). In contrast, services inflation eased to 7.8% from 10.6%. On a monthly basis, consumer prices rose 0.5% in July, slowing from a 0.9% increase in June.

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