Americas
In the US, investors will remain focused on a fresh wave of corporate earnings, with results due from Amazon, Alphabet, Qualcomm, Palantir Technologies, Walt Disney, AMD, Merck, PepsiCo, Amgen, Pfizer, Eli Lilly, AbbVie, Uber and Philip Morris. On the data front, attention will centre on the labour market. The January jobs report is expected to show payroll growth of 70K, up from 50K in December, while the unemployment rate is forecast to hold steady at 4.4% and average hourly earnings are seen rising 0.3% again. The Bureau of Labor Statistics will also release its annual benchmark revisions and updated seasonal adjustment factors. The JOLTS report is likely to show a modest decline in job openings, while the ADP employment report and Challenger job cuts data are also due. In addition, the ISM manufacturing PMI is expected to point to a smaller contraction, while the services PMI may show slightly slower growth. The preliminary University of Michigan consumer sentiment reading is forecast to decline. Final S&P Global PMI readings and consumer credit data will also be released. The US Treasury Department will publish its Quarterly Refunding announcement, outlining future borrowing plans. Elsewhere, Canada will release employment data, with the economy expected to add around 7K jobs in January while the unemployment rate is seen unchanged at 6.8%. S&P Global PMIs for Brazil and Canada are also due, alongside a monetary policy decision from Mexico’s central bank.

Eccles Building, Washington DC, US

Europe

In Europe, the ECB and the Bank of England will announce their monetary policy decisions, with both widely expected to keep interest rates unchanged. Poland will also set rates, and markets anticipate no change in borrowing costs there either. On the data front, preliminary inflation figures are due from the Euro Area, France and Italy. Eurozone inflation is seen easing to 1.7%, with Italy expected to slow to 1% and France to 0.6%. In Germany, factory orders are forecast to decline after three consecutive monthly gains, while retail sales are expected to fall for a second month. French industrial production is likely to rebound, and Italian retail sales are expected to rise for a third straight month. Manufacturing PMI readings are expected to show a smaller contraction in Spain, Italy and Switzerland, while Spain’s services sector is seen remaining robust, albeit at a slower pace. In Turkey, inflation is expected to ease to around 30%, even as the monthly rate rises to about 4.32%. Other releases include Eurozone retail sales, Germany’s trade balance, Spanish unemployment data, France and Turkey trade figures, and UK house price data from Nationwide and Halifax.

European Central Bank

Asia Pacific

In China, investors will receive the official NBS manufacturing and non-manufacturing PMI readings for January over the weekend, followed by the private RatingDog PMI surveys, which are expected to show that growth in both manufacturing and services remains subdued. In Japan, the Bank of Japan will release its latest Summary of Opinions, with policymakers reiterating that interest rates will continue to rise if economic activity and inflation evolve in line with forecasts. Final S&P Global PMI readings are also due, while household spending is expected to have fallen 1.3% after a strong increase in November. In Australia, the Reserve Bank of Australia is expected to raise interest rates by 25 basis points to 3.85% following hotter-than-expected inflation data. Key releases include the AI Group Industry Index, final S&P Global PMI figures for January, and December trade data, which is expected to show a wider trade surplus. In India, attention will focus on the Union Budget presentation, while the Reserve Bank of India is widely expected to keep its policy rate unchanged at 5.25%. Elsewhere in the region, investors will monitor trade data from South Korea, Indonesia and Vietnam, along with inflation figures from South Korea, Indonesia, the Philippines, Thailand, Taiwan and Vietnam. GDP data from Indonesia and quarterly employment figures from New Zealand are also scheduled. In addition, PMI reports are due from Indonesia, Malaysia, the Philippines, South Korea, Taiwan, Thailand, Vietnam, Hong Kong and Singapore.

Shanghai, China