The Vanguard FTSE Europe ETF (VGK) tracks the performance of the FTSE Developed Europe All Cap Index, which includes countries within the Eurozone. The slight increase in the Core CPI above estimates suggests a modest inflationary pressure, which could have mixed effects on the ETF. On one hand, it indicates a potentially stronger economy, but on the other, it could lead to concerns about inflation outpacing growth. Given the mixed implications, the short-term impact on VGK is considered neutral.