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France’s non-farm payrolls fell -0.1% q/q in Q4, below expectations of 0.0%, signalling the labor market softened at the margin as 2025 ended. Coming alongside slower sequential GDP growth, the decline reinforces a cooling domestic backdrop and raises the odds that consumption and hiring stay cautious into early 2026.

Germany’s import price index fell -2.3% y/y in December (vs -2.6% expected; -1.9% prior), keeping import-price inflation firmly negative even as the annual decline was slightly less severe than forecast. On a monthly basis, import prices slipped -0.1% m/m (vs -0.4% expected) after a +0.5% rise previously—signalling the prior month’s uptick faded and reinforcing a disinflationary pipeline into early 2026.

France’s economy grew 1.1% y/y in Q4 (vs 1.2% expected; 0.9% prior), while Q4 GDP rose 0.2% q/q (in line with 0.2% expected) but cooled sharply from 0.5% previously—signalling momentum slowed even as annual growth improved. Meanwhile, December consumer spending fell -0.6% m/m (vs -0.4% expected; -0.3% prior), reinforcing that household demand remains a drag and keeping the policy focus on whether Europe’s growth resilience is softening into early 2026.

Spain’s business confidence ticked up to -3.0 in January from -3.4 previously, indicating a modest improvement in corporate sentiment. However, the index remains in negative territory, suggesting firms are still cautious on activity and the outlook despite the small uptick.

France’s total number of jobseekers fell to 3,117.4K in December from 3,129.3K previously, indicating a modest improvement in labour-market conditions into year-end. The decline suggests slightly reduced unemployment pressure at the margin, though markets will watch whether the downtrend persists alongside broader activity data.

Italy’s latest auctions showed stable sovereign funding costs, with the 5-year BTP clearing at 2.74% and the 10-year BTP at 3.44%, both unchanged versus the prior auctions. The flat outcomes suggest steady demand and little immediate repricing of Italy’s risk premium at these maturities.

Italy’s industrial sales were flat y/y (0.0%) in November, slowing sharply from +1.7% previously, pointing to a loss of momentum in the sector’s annual trend. On the month, sales edged -0.1% m/m, a smaller decline than the prior -0.6%, suggesting the contraction moderated but conditions remain soft heading into year-end.

Eurozone survey data for January painted a broader improvement in confidence. Consumer confidence held at -12.4, matching expectations and improving from -13.1 previously, while consumer inflation expectations fell to 24.1 from 26.7, hinting at easing price fears. The business side was notably better: industrial sentiment rose to -6.8 (vs -8.1 expected, -8.5 prior) and services sentiment increased to 7.2 (vs 6.0 expected, 5.8 prior). The overall picture also brightened with business climate improving to -0.41 (from -0.56) and the Business and Consumer Survey rising to 99.4 (vs 97.0 expected, 97.2 prior). Pricing intentions cooled somewhat, with selling price expectations at 10.0 (vs 10.8 prior), consistent with softer inflation momentum.

Italy’s non-EU trade balance posted a surplus of €8.39B in December, up from €7.04B previously. The wider surplus points to a stronger external position versus non-EU partners into year-end—potentially reflecting firmer export performance and/or easing import costs, and providing a modest tailwind to growth through net trade.

Eurozone loan growth remained steady in December, with loans to non-financial corporations at 3.0% y/y (slightly softer than 3.1% prior) and private sector loans at 3.0% y/y (up from 2.9%). In contrast, M3 money supply growth eased to 2.8% y/y (vs 3.0% expected/prior), even as the level of M3 rose to €17,230.7B from €17,189.3B. The mix suggests credit creation is holding up, but broad liquidity growth is cooling—consistent with a still-tight monetary backdrop even as lending momentum remains resilient.

Spain’s retail sales rose 2.9% y/y in December, slowing markedly from 6.0% previously. The deceleration points to a softer consumer-demand pulse into year-end—potentially reflecting easing inflation support, tighter financing conditions, or base effects after a strong prior month.

Switzerland’s trade balance posted a surplus of CHF 1.036B in December, far below the CHF 4.850B expected and down from CHF 3.841B previously. The sharp undershoot suggests a weaker net-trade contribution into year-end—likely reflecting softer exports and/or stronger imports—an important watchpoint for growth momentum given Switzerland’s high export sensitivity.