ING’s Chief Economist Peter Vanden Houte notes that Eurozone industrial production declined in December but still showed annual growth, and argues that the cyclical recovery should continue.

DBS Group Research economist Eugene Leow discusses USD rates as market participants reassess views following volatility and mixed US data. He notes 10Y US Treasury yields are nearing a 4% near-term forecast and describes a Goldilocks US economy with strong NFP and softer CPI.

OCBC strategists Sim Moh Siong and Christopher Wong note that recent equity market turbulence has coincided with further Swiss Franc gains, with EUR/CHF consolidating well below 0.92.

India Trade Deficit Government above expectations ($26.14B) in January: Actual ($34.68B)

Commerzbank’s Tatha Ghose highlights that the Russian central bank cut rates by 50 bps and raised its 2026 inflation forecast, while still projecting significantly lower average rates by 2027.

Deutsche Bank economists expect US real GDP growth to slow to 2.5% in Q4 2025 from 4.4% previously, with much of the deceleration attributed to the record-long government shutdown.

HSBC Asset Management highlights strong recent gains in Asia Pacific stocks excluding Japan and argues that regional fundamentals are now driving performance. The report cites macro reforms, derisked economies, resilient domestic demand and Asia’s central role in the global tech and AI supercycle.

Turkey Budget Balance down to -214.54B in January from previous 528.14B

BNY’s EMEA Macro Strategist Geoff Yu argues that tighter global financial conditions and peaking risk appetite are challenging EM FX carry trades. High-yielding and Latin American currencies face outflows as holdings remain elevated, while EM allocations are still low in global portfolios.

India WPI Inflation came in at 1.81%, above expectations (1.25%) in January

Commerzbank’s Thu Lan Nguyen explains that the ECB’s expansion of its EUREP facility to all eligible non‑Euro central banks is aimed at boosting Euro liquidity globally and supporting the Euro’s international role.

Japan Industrial Production (YoY) remains unchanged at 2.6% in December

Japan Industrial Production (MoM) in line with expectations (-0.1%) in December

Japan Capacity Utilization up to 1.3% in December from previous -5.3%

EUR/JPY extends its gains for the second successive session, trading around 181.60 during the Asian hours on Monday.

China House Price Index dipped from previous -2.7% to -3.1% in January

The Japanese economy expanded 0.1% over the quarter in the fourth quarter (Q4) of 2025, the preliminary report published by the Cabinet Office showed on Monday. This reading marks a reversal from a 0.7% contraction recorded in Q3, though it fell short of market expectations for a  0.4%.

United Kingdom Rightmove House Price Index (YoY) declined to 0% in February from previous 0.5%

United Kingdom Rightmove House Price Index (MoM) dipped from previous 2.8% to 0% in February

Japan Gross Domestic Product (QoQ) came in at 0.1% below forecasts (0.4%) in 4Q

Japan Gross Domestic Product Deflator (YoY) remains unchanged at 3.4% in 4Q

Japan Gross Domestic Product Annualized registered at 0.2%, below expectations (1.6%) in 4Q

New Zealand Business NZ PSI: 50.9 (January) vs previous 51.5

New Zealand Electronic Card Retail Sales (YoY) increased to 0.4% in January from previous -1%

New Zealand Electronic Card Retail Sales (MoM) declined to -1.1% in January from previous -0.1%

Commerzbank’s FX analysts note that Singapore’s 2026 Budget emphasizes supply-side support, SME internationalisation and capital-market development, including fresh funding for the Equity Market Development Programme and Anchor Fund.

MUFG’s Lin Li and Khang Sek Lee note that China’s January CPI slowdown was heavily distorted by Chinese New Year base effects, with food and services dragging headline inflation. PPI deflation narrowed on stronger global metals prices and tech-related demand.

Standard Chartered’s Senior Economist Tommy Wu raises Hong Kong’s 2026 GDP growth forecast to 3.2% from 2.5%, citing robust Q4 momentum, stronger financial activity and improving consumer sentiment.

UOB economists Julia Goh and Loke Siew Ting note Malaysia’s 4Q25 GDP grew 6.3% year-on-year, the fastest since 4Q22, lifting full-year 2025 growth to 5.2%.

United States CFTC Oil NC Net Positions fell from previous 124.6K to 117.8K