- Eurozone inflation drops in December, but core CPI climbs again (pages 2-8)
- German new orders trending down: Ifo, PMIs show signs of a trough (pages 9-27)
- Retail spending slips, but consumer confidence edges up (pages 28-31)
- Resilient output, Eurozone not in recession (pages 32-38)
- Labour market still strong (pages 39-55)
- Money supply, lending slows (pages 56-59)
- House prices topping out (pages 60-61)
- Private sector debt trending down, fiscal policy a bigger concern, government bond spreads at risk (pages 62-71)
- Investment in IPP holding up, particularly in France (pages 72-75)
- Despite strong exports, Eurozone trade deficit widens, particularly with China (pages 76-85)
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