Market Information Wednesday 11 February 2026

The European Parliament has expressed support for the digital euro, a project by the European Central Bank (ECB) that offers both online and offline functionality. This approval is crucial as the planned launch in 2029 depends on parliamentary consent. The initiative aims to strengthen EU monetary sovereignty and reduce dependency on non-European payment providers like Visa and Mastercard and has faced resistance from banking lobbyists and delays in parliament. MEPs have endorsed amendments advocating equal access to payment services and a secure digital euro backed by central bank currency. The parliament also urged the ECB to enhance oversight of crypto assets to prevent exclusion scenarios.

France saw a decline in wine and spirits exports for the third consecutive year due to U.S. tariffs and Chinese antidumping measures, according to trade group FEVS. Total exports fell by 8% to €14.3 billion. Sales to the U.S., affected by a 15% tariff, dropped 21% to €3 billion. Exports to China fell 20% to €767 million due to antidumping actions, impacting brandy exports like cognac, which saw a 15% drop in volume and a 24% drop in value. While exports to other European countries remained stable, there was growth in markets such as Vietnam, the Philippines, Australia, and South Africa. Last year, U.S. President Trump threatened 200% tariffs on EU beverages as a response to EU tariffs, using this as leverage to influence French President Macron.

U.S. retail sales remained unchanged in December, raising concerns about potential slower economic growth. Households reduced spending on motor vehicles and other high-value items, which could signal fatigue amid rising living costs partially due to tariffs. Despite a year-on-year increase of 2.4% in retail sales, adjusted data for prior months showed declines. Challenges arose from last year’s government shutdown and seasonal adjustments. Auto dealership sales dropped, with further declines expected, while furniture, electronics, and clothing sales also fell. Higher-income households are primarily driving spending while lower-income households struggle with low wage growth. Core retail sales, excluding specific categories, showed a decline. Slowing wage growth and declining job openings suggest potential challenges ahead. Economists anticipate the Federal Reserve will maintain interest rates unchanged in the first half of the year.

The 6M Euribor decreased with 2 basis points to 2.13% compared to previous business day. The 10Y Swap decreased with 3 basis points to 2.82% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.