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Switzerland’s CPI (Feb, m/m) rose +0.6% (vs +0.5% expected; prior -0.1%), a clear upside surprise on the monthly print. But CPI (y/y) came in at +0.1% (vs -0.1% expected; in line with prior +0.1%), keeping annual inflation near-flat.

Source: Swiss Federal Statistical Office

Italy’s car registrations (Feb, y/y) jumped +14.0%, accelerating from +6.2% previously—pointing to a notable rebound in the auto channel compared with early-year momentum.

Source: UNRAE / Italy Ministry of Infrastructure and Transport (MIT)

France’s car registrations (Feb, y/y) fell -14.7%, worsening from -6.6% previously—signaling a sharper deterioration in demand (or deliveries) versus last month and adding another soft spot to the consumer cycle.

Source: Plateforme Automobile (PFA) / CCFA

Germany’s 5-year Bobl auction cleared at 2.430%, up from 2.400% previously—another small move higher that signals slightly tighter pricing in the belly of the curve.

Source: Deutsche Finanzagentur

Spain’s 6-month Letras auction cleared at 2.059%, up from 2.973%. Wait—image shows 1.973% previously—so it rose from 1.973% to 2.059%, indicating a modest repricing higher at the short end.

Source: Tesoro Público (Spain Treasury)

Italy’s CPI (Feb, y/y – prelim.) rose to 1.6% (prior 1.0%), while CPI (m/m) surprised higher at 0.8% (vs 0.3% expected; prior 0.4%).

On the harmonised measure, HICP (y/y) also climbed to 1.6% (vs 1.1% expected; prior 1.0%), with HICP (m/m) at 0.6% (vs 0.1% expected; prior -1.0%).

Source: ISTAT

The Eurozone CPI (Feb, y/y – preliminary) rose to 1.9% (vs 1.7% expected; 1.7% prior), while core CPI climbed to 2.4% y/y (vs 2.2% expected; 2.2% prior). The monthly profile also strengthened, with CPI +0.7% m/m (prior -0.6%) and core +0.8% m/m (prior -1.1%). HICP ex energy & food accelerated to 2.3% y/y (prior 2.2%) and +0.7% m/m (prior -0.8%).

Market read-through: A firmer headline and core print can reduce near-term easing urgency and keep rates sensitive to follow-through in upcoming releases.

Source: Eurostat

Spain’s 12-month Letras auction cleared at 2.121%, up from 2.028% previously—signaling a modest rise in short-end funding costs versus the last auction.

Source: Tesoro Público (Spain Treasury)

U.S. President Donald Trump told The Sun he is “very sad” that the U.S.-UK relationship is “not what it was,” singling out Britain as acting “much differently from others” while praising France for being supportive.

The comments come after Prime Minister Keir Starmer initially declined to back U.S.-led strikes on Iran and was cautious about allowing British bases to be used for anything beyond defensive actions—moves London framed as driven by legal constraints and national interest.

Source: Reuters; Financial Times; The Guardian

France’s latest BTF auctions cleared at slightly higher yields across the curve: 3M 2.030% (prev 2.008%), 6M 2.065% (prev 2.027%), and 12M 2.097% (prev 2.055%), signaling a modest uptick in short-end funding costs.

Source: Agence France Trésor (AFT)

Monday, March 2, 2026 — Spain’s car market posted a powerful rebound in February, with car registrations up 32.8% m/m after a prior 29.0% drop. On a yearly basis, registrations rose 7.5% y/y, accelerating from 1.1% previously—signaling improving demand momentum for autos into early 2026.

Source: Dirección General de Tráfico (DGT); ANFAC

The HCOB Eurozone Manufacturing PMI (Feb) held at 50.8 (in line with 50.8 forecast; up from 49.5), confirming a move back into expansion. Country details also improved broadly:

• Germany: 50.9 (vs 50.7 est.; 49.1 prior)
• Italy: 50.6 (vs 49.1 est.; 48.1 prior)
• Spain: 50.0 (vs 49.9 est.; 49.2 prior)
• France: 50.1 (vs 49.9 est.; 51.2 prior) — still expansionary but cooling from January

Source: HCOB / S&P Global