LATEST INDICATORS
In Japan, 4th quarter GDP growth came in well below expectations (+0.2% versus +0.5%). In France, the unemployment rate edged down, reaching 7.2%. In the UK, the increase in employment picked up, thereby beating expectations and headline inflation, on a monthly basis, was even more negative than expected. Retail sales ex automobiles and fuel increased strongly in January, creating another positive surprise. In the Eurozone, employment in the 4th quarter grew slightly faster than in the previous quarter. In the US, monthly headline inflation as well as core inflation picked up, in line with the consensus. Retail sales were unexpectedly strong and the NAHB housing market index rose more than anticipated. Producer price inflation was higher than the consensus forecast but housing starts declined.
