European government bonds were little changed, with the benchmark 10-year German Bund around 2.5% and French and Italian debt posting only marginal moves, as investors weighed weaker-than-expected German industrial production, a slight upward revision to first-quarter eurozone GDP, and a May U.S. Consumer Price Index reading that matched forecasts. U.S. stock index futures were also nearly unchanged after the data release, underscoring that the figures did not materially shift near-term market expectations. The muted cross-asset response left expectations centered on a possible European Central Bank rate cut in September after its 25 basis-point deposit rate cut in June, its first reduction since 2019.