Inflation readings released on Wednesday offered a mixed picture across major economies. Spain’s National Statistics Institute confirmed that headline consumer prices rose 2.7% from a year earlier in July, up from 2.3% in June and matching the preliminary estimate. The harmonised index used by the European Union also printed at 2.7%, while prices dipped 0.1% on the month. In Germany, final data showed consumer inflation steady at 2.0% year-on-year, with the month-on-month rate at 0.4%. Wholesale prices in Europe’s largest economy slipped 0.1% in June, bringing the annual gain down to 0.5%. Upstream price pressures in Japan remained subdued. The Bank of Japan’s domestic corporate goods price index – its measure of producer prices – increased 0.2% from June and 2.6% from a year earlier, marginally above market expectations of 2.5% and suggesting only moderate cost pass-through to consumers. China’s July credit figures underscored an uneven financing recovery. New yuan loans issued from January through July totalled CNY 12.87 trillion, below the CNY 13.22 trillion consensus, while aggregate social financing reached CNY 23.99 trillion, also short of forecasts. Yet broad money (M2) grew 8.8% year-on-year, accelerating from June and beating estimates of 8.3%. Outstanding aggregate financing stood at CNY 431.26 trillion at month-end, indicating liquidity remains ample even as loan demand lags. Elsewhere, Brazil’s statistics agency reported that retail sales slipped 0.1% in June from May, missing projections for a rebound, and were up just 0.3% on the year. The weaker-than-expected showing adds to evidence of soft consumer momentum in Latin America’s largest economy.