US DATA: Existing Home Sales Steady Out, But Acceleration Looks Elusive

Existing home sales posted stronger growth in February than expected, with an additional uplift from a higher revision to a very weak January - though remain soft overall on a historic basis, with little apparent prospect of a meaningful near-term pickup. * At 4.09M (SAAR), sales beat the 3.88M expected (which would have been the lowest since the end of 2023), even when compared to a higher base (January's 4.02M which had originally been estimated at 3.91M). M/M sales improved across 3 of 4 regions (the Northeast excepted) including the highest sales in the West since February 2024. * The National Association of Realtors' chief economist observed an improvement in affordability helping boost sales but "Despite the modest gain in home sales, actual housing demand remains muted relative to wage growth and job gains. Inventory is growing, but sluggishly." * Indeed sales remained at the equivalent of 3.8 months' inventory, a 3rd consecutive month below 4.0 (after 9 consecutive months above that level). Prices stayed flat (up 0.3% at a median NSA price of $398k). * It remains doubtful whether existing home sales will see anything resembling a sustained pickup: mortgage rates have risen in the wake of the Middle East conflict, after having fallen earlier in the year to post-September 2024 lows. And pending sales (representing signed contracts) - a leading indicator of existing sales - hit a record low in January.

MNI: US NAR: FEB EXISTING HOME SALES 4.09M SAAR

* MNI: US NAR: FEB EXISTING HOME SALES 4.09M SAAR

US DATA: Redbook Points To Slowdown In Discretionary Spending At Start Of March

The first Johnson Redbook index of March suggests a slight slowdown in retail sales in the month. Estimated sales of 6.2% Y/Y in the first week if extrapolated through the rest of March would mark a deceleration from 6.8% in February to the weakest outturn since October 2025, and would be well below retailers' target of a 7.4% gain. * We remind that Redbook data have been much more positive than the "official" Census Bureau series over recent months, including a very divergent December. However the gap between Redbook and core retail indicators narrowed in January, with a strong Y/Y performance in the latter including 4.9% Y/Y for Control Group (base effect-driven: January 2026 was positive M/M vs a firmly negative M/M print in January 2025). There's still no release date for Census February retail sales. * The anecdotals suggest that discretionary demand slowed in the first week of the month, though there was no mention of the conflict in the Middle East and impact on gas prices potentially subduing consumer confidence. Per the report: "With four weeks remaining, some retailers reported slower-than-expected sales in early March. Basic consumer goods outperformed seasonal items. Retailers aim to boost seasonal sales as warmer weather, St. Patrick's Day, spring break, and an early Easter approach." * Key to note: "Since Easter occurs two weeks earlier than last year, holiday sales are shifting into March. To address this timing difference, retailers suggest averaging March and April comparisons to determine a combined growth rate."

MNI: US REDBOOK: MAR STORE SALES +6.2% VS YR AGO MO

* MNI: US REDBOOK: MAR STORE SALES +6.2% VS YR AGO MO