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The Sentix Investor Confidence reading for the euro area fell to -3.1 in March, dropping back below zero after 4.2 in February. The move suggests investor sentiment in the bloc has deteriorated again at the start of March, marking a renewed loss of confidence after the brief improvement seen earlier this year.

Source: Sentix GmbH.

Switzerland’s SECO Consumer Climate remained stuck at -30 in February, showing that household sentiment is still soft even if it is slightly better than a year ago. SECO said the index was 3 points higher than in February 2025, with some improvement in the economic outlook, past financial situation, and willingness to make major purchases.

Source: State Secretariat for Economic Affairs (SECO).

Germany’s industrial data painted a weak picture at the start of the year. Factory orders plunged 11.1% month-on-month in January, far worse than the expected 4.2% decline, after a strong 6.4% rise previously. At the same time, industrial production fell 0.5% month-on-month, missing the 1.0% growth forecast, while annual production dropped 1.2% year-on-year after a 0.4% increase in the prior reading. The figures suggest Germany’s manufacturing sector remains under heavy pressure, with demand and output both losing momentum again.

Source: Investing.com Economic Calendar

European equities finished Friday in the red, with declines across all major benchmarks.

Close snapshot:

• FTSE 100: 10,284.75 (-129.19, -1.24%)
• DAX: 23,591.03 (-224.72, -0.94%)
• CAC 40: 7,993.49 (-52.31, -0.65%)
• FTSE MIB: 44,152.26 (-456.29, -1.02%)
• IBEX 35: 17,074.40 (-170.80, -0.99%)
• Stoxx 600: 598.69 (-6.14, -1.02%)

Source: Major European equity index pricing (close snapshot)

Germany’s car registrations (Feb, y/y) rose +3.8%, a notable improvement from the prior -6.6%, signalling a rebound in the auto channel.

Source: KBA (Germany Federal Motor Transport Authority)

Eurozone GDP (Q4) came in weaker than expected at +0.2% q/q (vs +0.3% expected; +0.3% prior). Annual growth also cooled to +1.2% y/y (vs +1.3% expected; +1.4% prior).

Labor data was steadier: employment +0.2% q/q (unchanged) and +0.7% y/y (in line), with employment level rising to 172.57M from 172.52M.

Source: Eurostat; ECB (for remarks scheduling)

Switzerland’s foreign reserves (Feb) edged down to $710.0B from $712.0B, a small decline that still leaves Switzerland with a very large external buffer.

Source: Swiss National Bank (SNB)

France’s total reserve assets (Feb) rose to 421,573.0M from 409,263.0M previously, indicating a notable increase in reserve assets versus the prior month.

Source: Banque de France

Eurozone retail sales (Jan) delivered a mixed read. Annual sales growth rose to 2.0% y/y (vs 1.7% expected; 1.8% prior), showing consumer demand remains stronger than a month ago. But on a monthly basis, sales slipped -0.1% (vs +0.3% expected; +0.2% prior), suggesting momentum cooled at the start of the year.

Source: Eurostat

Bond auctions delivered a mixed signal on funding costs:

• Spain 15Y: 3.605% (prev 3.670%) — lower yield
• Spain 7Y: 2.863% (prev 2.905%) — lower yield
• Spain 3Y: 2.404% (prev 2.273%) — higher yield
• France 10Y OAT: 3.46% (prev 3.45%) — broadly steady

Source: Tesoro Público (Spain Treasury); Agence France Trésor (AFT)

Italy’s retail sales (Jan, m/m) rose +0.6% (vs -0.1% expected; prior -0.7%), a clear upside surprise that points to a pickup in consumer spending after a weak prior month. On an annual basis, sales accelerated to +2.3% y/y (prior +1.1%).

Source: ISTAT

The HCOB Eurozone Construction PMI (Feb) improved to 46.0 (prior 45.3) but stayed below 50, signaling ongoing contraction. Country detail showed sharp divergence: Italy jumped to 50.4 (from 47.7, back into expansion), while Germany slipped to 43.7 (from 44.7) and France edged up to 43.9 (from 43.5).

Source: HCOB / S&P Global