Resilient US Data Amid Cooling Markets (January 9 – 13, 2026, Recap) 

The past week offered a broad snapshot of global economic conditions, with key data releases from the United States, the United Kingdom, and Switzerland shaping market sentiment. Investors closely monitored consumer activity, labor market dynamics, and inflation trends for fresh signals on economic momentum and policy expectations.

In the United States, retail sales and inflation data provided insight into consumer resilience, while employment figures and jobless claims helped gauge labor market stability. Meanwhile, UK GDP numbers highlighted the continued fragility of growth, and Swiss inflation data reinforced the theme of subdued price pressures.

Across financial markets, major currency pairs, commodities, and equity indices reacted to the evolving macroeconomic landscape, reflecting shifting expectations around growth, inflation, and demand.

Major Economic Indicators and Events in Review

Tuesday, February 10

15:30 – USA: Retail Sales m/m (USD)

Americans spent roughly $735 billion at retailers and restaurants in December 2025. Spending was largely unchanged from November, indicating little month-to-month movement, but it was 2.4% higher than a year earlier, reflecting modest annual growth.

For the full year, consumer spending remained steady, with total 2025 sales rising 3.7% compared with 2024. The holiday period — October through December — also showed healthy activity, with sales up 3.0% from the same period last year.

Breaking it down further, overall retail sales were mostly flat compared with November, yet 2.1% above December 2024 levels. Online retailers stood out, posting a strong 5.3% year-over-year increase. Meanwhile, restaurants and bars saw solid gains, with sales up 4.7% from last year.

In short, consumer spending ended the year on a stable footing, with moderate growth driven mainly by online shopping and dining out.

The EURUSD fell 0.16% on the day.

Wednesday, February 11

15:30 – USA: Non-Farm Employment Change (USD)

US employment increased modestly in January, with nonfarm payrolls rising by 130,000. The unemployment rate remained largely unchanged at 4.3 percent. Job growth was led by health care, social assistance, and construction, while the federal government and financial sector saw declines.

The EURUSD declined by 0.20% on the day.

Thursday, February 12

09:00 am – UK: GDP m/m (GBP)

UK economic growth was minimal in late 2025. GDP rose just 0.1% in the three months to December, with production providing the only meaningful boost, while services were flat and construction declined. For December alone, GDP edged up 0.1%, as gains in services were partly offset by falls in production and construction.

GBPUSD edged 0.004% lower on the day.

15:30 – USA: Unemployment Claims (USD)

New US jobless claims fell slightly in early February, with initial applications declining by 5,000 to 227,000. However, the four-week average increased, suggesting claims have edged higher overall.

The insured unemployment rate held steady at 1.2 percent. Meanwhile, continuing claims rose to 1.86 million, though the four-week average dipped to its lowest level since October 2024, indicating some stabilization in ongoing unemployment.

The EURUSD edged 0.008% lower on the day.

Friday, February 13

09:30 am – Switzerland: CPI m/m (CHF)

Consumer prices edged down in January 2026, with the CPI slipping 0.1% month-on-month to 99.9 (December 2025 = 100), while annual inflation remained very low at +0.1%, according to the Federal Statistical Office. The monthly decline was mainly driven by cheaper electricity, air travel, supplementary accommodation, and seasonal discounts on clothing and footwear. Offsetting this, prices rose for hotels, international package holidays, and car insurance premiums.

The USDCHF fell by 0.21% on the day.

15:30 – USA: CPI m/m (USD)

US consumer prices rose modestly in January, with the CPI-U increasing 0.2% on a seasonally adjusted basis and 2.4% over the past year, slightly cooler than December’s 2.7% pace. The monthly gain was led by shelter (+0.2%) and food (+0.2%), while energy prices fell sharply (-1.5%), helping to limit overall inflation. Core inflation (excluding food and energy) rose 0.3% on the month and 2.5% year-on-year. Notable increases included airline fares, medical care, and recreation, while used vehicles, household furnishings, and motor vehicle insurance declined.

The EURUSD rose by 0.039% on the day.

Commodities

1. Crude Oil

Crude oil prices decreased by 1.09% over the past week

• Brent Oil

Brent was down 0.54% compared to the previous week

• Gold

The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.65% weekly increase

• Silver

XAGUSD decreased by 0.63% from last week

Stock Market

1. S&P 500 decreased by 1.39%
2. DJIA was down 1.34%
3. NASDAQ 100 decreased by 1.24%

Top Gainers

1. Algorhythm Holdings, Inc. (RIME) 262.42%
2. JIADE Limited (JDZG) 164.58%
3. Borealis Foods Inc. (BRLS) 148.09%

Top Losers

1. TG-17, Inc. (OBAI) -83.53%
2. Phaos Technology Holdings (Cayman) Limited (POAS) -82.39%
3. Liminatus Pharma, Inc. (LIMN) -79.57%

Company Earnings (February 9– 13)

Tuesday, February 10: KO (The Coca-Cola Company)

Tuesday, February 10: BP (BP p.l.c.)

Wednesday, February 11: CSCO (Cisco Systems, Inc.)

Wednesday, February 11: MCD (McDonald’s Corporation)

Coca-Cola missed revenue expectations but sees improving demand in North America and Latin America, forecasting 4–5% organic revenue growth and 7–8% EPS growth for 2026, with healthier beverage categories leading performance.

KO shares fell 0.44% over the past week.

BP reported stronger-than-expected Q4 2025 results, with earnings per share of $0.60 beating the $0.57 consensus. Revenue increased 3.6% year-over-year to $47.38 billion, comfortably above forecasts. Despite a slightly negative trailing EPS, BP is projected to deliver solid growth next year, with earnings expected to rise about 16% from $3.53 to $4.10 per share.

BP shares fell 3.46% compared to the previous week.

Cisco Systems posted record results, beating guidance with 10% revenue growth and 11% non-GAAP EPS expansion, while raising AI infrastructure targets to over $5B in orders. The company increased its dividend, boosted supply commitments to manage memory cost pressures, and guided solid Q3 performance, citing strong momentum in networking and new AI silicon products.

CSCO shares fell by 9.40% over the past week.

McDonald’s beat expectations, reporting adjusted EPS of $3.12 (vs. $3.05 expected) and revenue of $7.0B (vs. $6.84B). Value offerings and promotions supported 5.7% same-store sales growth, led by strong US performance.

MCD shares increased by 0.13% over the past week.

Conclusion

Overall, the data from last week painted a picture of steady but uneven economic momentum. US indicators suggested resilient consumer activity and a stable labor market, while inflation remained contained despite pockets of price pressure. In contrast, UK growth figures continued to signal a sluggish expansion, and Switzerland’s inflation data reinforced the low-inflation environment.

Market performance reflected this mixed backdrop, with equities broadly softer, energy prices easing, and precious metals showing relative strength. Corporate earnings added further nuance, as results diverged across sectors despite generally constructive forward guidance.

Taken together, the developments highlight a global environment still defined by moderate growth, cautious consumers, and lingering macroeconomic uncertainty.