US DATA: Redbook Retail Sales Remain Robust Through Stormy January

Retail sales rose 6.3% Y/Y in January per the Johnson Redbook index, with sales in the final week of the month up 6.7% Y/Y. While the latter was a bit of a slowdown from the 7.1% increase prior, this largely represents a pullback from weather-related purchases (as we had suggested last week would likely be the case). It's also a slowdown from a 36-month best 6.8% in December but nevertheless the index is consistent with very robust retail activity continuing into 2026, including Johnson Redbook's 6.3% Y/Y growth projection for February. * From the anecdotal portion of the report: "Adverse weather, including freezing temperatures and snowstorms, disrupted traffic on roads and in parking lots, leading to business interruptions and reduced shopping activity. As a result, stores saw lower foot traffic. In February, retailers will introduce new spring merchandise and launch promotions for food, Super Bowl-related products, and Valentine's Day." * We get preliminary Chicago CARTS retail sales estimates for January on Friday Feb 6; the "official" Census Bureau report continues to lag following the Oct-Nov government shutdown, as we only get December data on Feb 10 (and there is still no release date for January's report).

MNI: US REDBOOK: JAN STORE SALES +6.3% V YR AGO MO

* MNI: US REDBOOK: JAN STORE SALES +6.3% V YR AGO MO * US REDBOOK: STORE SALES +6.7% WK ENDED JAN 31 V YR AGO WK

EUROZONE DATA: Bank of Italy Euro-coin Continues To Hover Around 0.5% Q/Q

The Bank of Italy's Euro-coin indicator (nowcast for EZ Q/Q trend growth) was 0.49 in January, down from 0.52 in December. It has been hovering around this level since August 2025. The press release notes that "the performance of the indicator reflects a softening of positive signals in the service sector, as reported by qualitative surveys". * Eurozone Q4 flash GDP was 0.33% Q/Q, above consensus and ECB expectations of 0.2%. The Q4 flash GDP reports signalled positive developments in domestic demand, though this morning's BLS was less optimistic on the private investment side. * Quarterly growth is expected to rise to a 0.4% clip by H2 2026, supported by the German fiscal expansion and improved private consumption trends. * Bloomberg's Q1 2026 GDP nowcast (which aims to predict actual, not trend, growth) was 0.47% in January. However, note this nowcast softened into quarter end in both Q3 and Q4 2025.

MNI: ECB Q4 ENTERPRISE CREDIT STANDARDS +7

* MNI: ECB Q4 ENTERPRISE CREDIT STANDARDS +7 * ECB Q4 ENTERPRISE DEMAND +3 * ECB Q4 HOUSE PURCHASE STANDARDS -2 * ECB Q4 HOUSE PURCHASE DEMAND +9 * ECB Q4 CONSUMER CREDIT STANDARDS +6 * ECB Q4 CONSUMER CREDIT DEMAND -2