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Italy’s latest 6-month BOT auction was essentially unchanged, with the yield at 2.040% versus 2.036% previously—signaling stable short-end funding conditions. Germany’s 10-year Bund auction cleared at 2.850%, up from 2.830%, pointing to a modest uptick in long-end yields and a slightly firmer term-premium tone.

Italy’s business confidence edged up to 89.2 in January (vs 89.0 expected, 88.5 prior), signaling a modest improvement in the corporate mood. Consumer confidence also ticked higher to 96.8 (vs 97.0 expected, 96.6 prior), but still came in slightly below forecasts—suggesting households are stabilizing, yet remain relatively cautious.

Switzerland’s ZEW Expectations index dropped to -4.7 in January from +6.2 previously, swinging into negative territory and pointing to a clear weakening in sentiment among surveyed financial-market experts. The shift suggests the near-term economic outlook has turned more cautious—often consistent with rising uncertainty and softer growth expectations.

Germany’s GfK Consumer Climate index rose to -24.1 for February, beating expectations (-25.5) and improving from -26.9 previously. The uptick signals a modest lift in household sentiment, but the level remains deeply negative—suggesting consumers are still cautious on spending and the outlook despite the incremental improvement.

Germany’s latest 2-year Schatz auction cleared at 2.140%, up from 2.110% previously, indicating a modest rise in short-dated sovereign yields. The move suggests a slightly firmer repricing at the euro-area front end—consistent with markets staying cautious on the pace of near-term easing and keeping short-rate expectations sensitive to incoming inflation and activity data.

Spain’s unemployment rate fell to 9.93% in Q4, improving on both the 10.20% expected and 10.45% prior, taking joblessness back below the 10% handle. The downside surprise points to a firmer labor-market backdrop into year-end, which should support household demand—but also keeps services inflation sensitivity on the radar as markets gauge how quickly slack is really building.

France’s consumer confidence index held steady at 90 in January, matching both the expected 90 and the prior 90. The unchanged reading suggests household sentiment remains stuck in a subdued range, with no clear improvement in consumers’ view of the economy or their own financial outlook.

Italy’s car registrations fell -13.0% m/m in December, a sharper drop than the -1.4% prior reading, pointing to a notable month-end slowdown. On an annual basis, registrations were up +2.3% y/y (vs 0.0% prior), indicating demand is slightly firmer versus last year despite the weak monthly print—suggesting timing/seasonality may have played a larger role in December’s drop.

Germany’s car registrations fell -1.7% m/m in December, reversing from +0.2% previously, suggesting a modest month-end cooldown. However, registrations rose +9.7% y/y (vs +2.5% prior), signaling a much stronger annual pace—consistent with improving deliveries and a healthier demand backdrop compared with last year’s base.

France’s car registrations surged 30.1% m/m in December, rebounding sharply from -4.7% previously, likely reflecting year-end seasonality and delivery timing. However, registrations were down -5.8% y/y (vs -0.3% prior), pointing to a weaker annual trend and suggesting underlying demand remains soft despite the monthly spike.

France’s latest BTF auctions were broadly stable, with the 12-month yield at 2.084% (prev. 2.085%), the 3-month at 2.021% (prev. 2.019%), and the 6-month at 2.045% (prev. 2.048%). The near-flat prints suggest no meaningful repricing in front-end funding conditions, keeping short-dated sovereign financing costs anchored around the 2% handle.

Germany’s Ifo Business Climate Index held at 87.6 in January, missing expectations of 88.3 and matching its previous 87.6—signaling a stagnant sentiment backdrop. Beneath the headline, Business Expectations eased to 89.5 from 89.7, suggesting a slight cooling in forward confidence, while the Current Assessment ticked up to 85.7 from 85.6, indicating only marginal improvement in perceived present conditions. Overall, the mix reads as “no clear turnaround”: activity is not collapsing, but the confidence needed for a stronger growth impulse still looks lacking.