• French February business climate index hits record low of 68. (weaker than median forecast of 73.)
• Euro-zone February flash services PMI fell to 38.9, manufacturing PMI to 33.6 (weaker than median forecasts of 42.5 and 35.0 respectively.)
• UK January retail sales +0.7% m/m, +3.6% y/y (much better than median forecasts of +0.1% and +2.1%)
• Germany’s upper house approves 50 bln euro stimulus package.
• Sterling enjoyed a decent morning, bolstered by better than expected retail sales. On the flip side swissy came under pressure, underminned by ongoing concerns about the fate of Swiss banking secrecy after U.S. tax authorities asked UBS to give up the details of 52,000 clients. There are also ongoing worries of possible central bank intervention to weaken the currency.