MNI: US NFIB FEB SMALL BUSINESS INDEX 98.8

* MNI: US NFIB FEB SMALL BUSINESS INDEX 98.8

GERMAN DATA: Some Uncertainty Over Military Fingerprints In Factory Orders

The details of military-related German factory orders data (released yesterday) shows "weapons and ammunition" accounted for 2.2pp of the 17.5pp sequential drag in factory orders in January (-11.1% M/M in Jan after +6.4% M/M in Dec). "Other transport equipment" accounted for a heavy 6.7pp although the extent of the split between military / non-military orders is unclear. Details below: * Weapons and ammunition production fell 86% in January but remained elevated at a 271 non-seasonally adjusted index level (2021=100) following November's 674% and December's 101% M/M jumps. * "Other transport equipment" fell 59.5% M/M in January but also remained elevated at a 164.3 index level following 31% and 63% rises at the end of 2025. The category includes "manufacture of military fighting vehicles" (for which there is no specific data published). * Within this, "Manuf. of air and spacecraft and related machinery", also a subset of the "other" category, fell 69% in January after a 76% rise in December. Destatis confirmed to us that the category is mostly civil aviation, but it may also be that some military orders filtering are through which are not classified as "fighting vehicles".

MNI: NORWAY FEB FOOD/NON-ALC BEV CPI-ATE 3.3% Y/Y (4.2% JAN)

* MNI: NORWAY FEB FOOD/NON-ALC BEV CPI-ATE 3.3% Y/Y (4.2% JAN) * NORWAY FEB ALCOHOL/TOBACCO CPI-ATE 3.5% Y/Y (3.8% JAN) * NORWAY FEB ENERGY CPI-AT 18.9% Y/Y (37.1% JAN) * NORWAY FEB RENT CPI-ATE 3.9% Y/Y (3.9% JAN)

MNI: NORWAY FEB CPI-ATE 3.0% Y/Y (3.4% JAN)

* MNI: NORWAY FEB CPI-ATE 3.0% Y/Y (3.4% JAN) * NORWAY FEB CPI-ATE 0.7% M/M (0.3% JAN) * NORWAY FEB CPI 2.7% Y/Y (3.6% JAN) * NORWAY FEB CPI 0.6% M/M (0.6% JAN)