Japan's service sector continues to show signs of resilience, as the Final PMI Services for January confirmed a reading of 53.0. This marks the third consecutive month of expansion, indicating sustained growth in the sector. Meanwhile, Mexico's President Sheinbaum has reiterated Mexico's commitment to dialogue with the United States, amid ongoing concerns over trade tariffs. In the Philippines, the Consumer Price Index (CPI) for January showed a month-on-month increase of 0.5% and a year-on-year rise of 2.9%, highlighting moderate inflationary trends in the country.
Elsewhere, concerns over U.S. President Trump's trade tariffs and a dovish European Central Bank (ECB) have weighed heavily on the Euro, limiting potential gains. In Japan, Bank of Japan (BOJ) Board member Tamura is set to deliver comments and hold a press conference on February 6th, which could provide further insights into Japan's monetary policy direction.
Vietnam's industrial production has faced a significant slowdown, with January's year-on-year growth reported at 0.6%, down sharply from 8.8% previously. In China, the Caixin PMI Services for January maintained its two-year expansionary streak but fell short of expectations, reflecting potential headwinds in the services sector.
The United States Senate has confirmed Pam Bondi as President Trump's Attorney General, marking a significant appointment within the administration. Meanwhile, President Trump has sparked controversy by stating that the U.S. should take over and develop the Gaza Strip. This proposal was swiftly rejected by Saudi Arabia, which reaffirmed its commitment to establishing a Palestinian state.
In Japan, Chief Cabinet Secretary Hayashi announced that Prime Minister Ishiba will meet with U.S. President Trump during a visit to the United States scheduled for February 6-8th. In currency news, China's People's Bank of China (PBOC) set the Yuan reference rate at 7.1693, marking its strongest level since November 8th, 2024.
The Philippines' Central Bank has indicated that the balance of risks to the inflation outlook continues to lean towards the upside. Meanwhile, a Bank of Japan Board official noted that post-pandemic price increases have been largely driven by cost-push factors, such as rising import costs due to a weak Yen.
Finally, Singapore's January Purchasing Managers' Index (PMI) for the whole economy slipped back into contraction territory at 49.9, signaling potential challenges ahead for Singapore's economic growth.
Japan's services sector continues to display robust growth, as evidenced by the January Final PMI Services reading of 53.0. This marks three consecutive months of expansion, driven by increased demand for services and positive business sentiment. Economists attribute this sustained growth to government stimulus measures and a recovering global economy.
Mexico's President Sheinbaum has emphasized the importance of dialogue with the United States amid ongoing trade tariff disputes. The Mexican government seeks to resolve these issues through diplomatic channels, aiming to maintain strong economic ties with its northern neighbor.
In the Philippines, inflationary pressures remain moderate, with January's CPI showing a month-on-month increase of 0.5% and a year-on-year rise of 2.9%. The Philippine Central Bank continues to monitor inflation dynamics closely, as it weighs potential policy adjustments.
Concerns over U.S. trade tariffs and a dovish ECB have exerted downward pressure on the Euro. The currency faces headwinds as markets anticipate potential changes in U.S. trade policy and ECB monetary policy stances.
Bank of Japan Board member Tamura is scheduled to deliver comments on February 6th, followed by a press conference. Tamura's remarks are expected to provide insights into Japan's economic outlook and potential monetary policy adjustments.
Vietnam's industrial production has shown signs of deceleration, with January's year-on-year growth recorded at 0.6%, compared to 8.8% previously. Analysts point to global supply chain disruptions and weakening external demand as contributing factors.
China's Caixin PMI Services for January extended its expansionary trend, albeit below expectations. This suggests that while China's services sector remains resilient, it may face challenges from external uncertainties.
The U.S. Senate confirmed Pam Bondi as President Trump's Attorney General, solidifying her role within the administration. Bondi is expected to play a key role in shaping U.S. legal and regulatory policies.
President Trump's proposal for U.S. ownership and development of the Gaza Strip has met with widespread criticism and rejection from international stakeholders. Saudi Arabia has firmly rejected this notion, reiterating its support for a two-state solution and the establishment of a Palestinian state.
During an upcoming visit to the United States from February 6-8th, Japan's Prime Minister Ishiba will meet with President Trump. The meeting is anticipated to focus on strengthening bilateral relations and addressing mutual economic interests.
China's PBOC set the Yuan reference rate at its strongest level since November 8th, 2024, reflecting confidence in China's economic fundamentals and efforts to stabilize the currency amid global uncertainties.
The Philippines Central Bank has highlighted an upward bias in inflation risks, citing factors such as rising food prices and external pressures as potential challenges to price stability.
A BOJ Board official noted that post-pandemic price increases in Japan have been primarily driven by cost-push factors, including higher import costs due to a weakening Yen.
Singapore's economy faces potential headwinds as January's PMI slipped into contraction at 49.9. This marks a shift from previous expansionary readings and raises concerns about future economic growth prospects.