• Japanese core CPI was down .1% year over year, slightly better than forecast. The data shows how large the struggle is for that economy to mount a strong recovery. Rising oil prices will push overall CPI higher, but the core number highlights the deflationary forces embedded in the economy. From the Wall Street Journal
• German retail sales fell 1.6% in January. The result may be a cautionary signal for the economy, but there are often significant revisions to this number. From The Wall Street Journal.
• In a low-key ceremony, 25 of 27 EU countries signed the “fiscal compact” pushed by Germany. Britain and the Czech republic did not sign. The treaty calls for a golden rule on balanced budgets to be written into national constitutions. Ratification by 12 of the 17 euro area member states is required for the agreement to be legally binding, which is anything but a done deal. From Reuters News.