It truly is a mixed bag for the inflation readings for German states today. But considering the latest one from Saxony here, at the balance it suggests a slightly stronger than expected annual headline inflation reading at the national level. The estimate for the German CPI later is 6.0% y/y, down from 6.2% y/y previously. But I reckon we should get something in the range of 6.2% to 6.4% y/y instead.

As for ECB pricing, it is now showing ~54% odds of a 25 bps rate hike - which is pretty much where we started the day off here.