Turkey's Finance Minister, Mehmet Simsek, reaffirmed the government's top priority of curbing inflation, highlighting the nation's economic strategy amid global uncertainties. Meanwhile, in Mexico, the IMEF Manufacturing Index for January was projected to remain steady at 47.7, mirroring the previous month’s figure. Similarly, the Non-Manufacturing Index maintained its expected position at 49.6, according to recent forecasts.
In France, Prime Minister François Bayrou faced confidence votes following significant budget adjustments aimed at stabilizing the country's fiscal outlook. Across the Channel, the United Kingdom was poised to encounter fiscal constraints as it prepared for an impending major spending review, underscoring the ongoing economic recalibrations across Europe.
The European Central Bank (ECB) recently concluded its 7-Day Main Refinancing Tender (MRO), allotting €11.859 billion with 45 bids received. This move comes as a part of the ECB's broader monetary policy framework designed to ensure liquidity in the financial system.
EU Trade Commissioner Maroš Šefčovič expressed optimism about resolving trade tensions with the United States through diplomatic negotiations. These sentiments were echoed amid volatile trade dynamics, as former U.S. President Donald Trump temporarily paused tariffs on Canada and Mexico for 30 days. Speculation also abounded regarding potential 10% tariffs on European Union imports, reflecting the delicate balance in international trade relations.
U.S. futures experienced slight declines, ranging from -0.1% to -0.3%, as markets reacted to these global economic developments. The December Job Openings and Labor Turnover Survey (JOLTS) indicated that job openings were expected to be around 8 million, slightly down from the prior 8.098 million.
In Asia, South Korea reported its Consumer Price Index (CPI) for January with a month-over-month increase of 0.5%, up from 0.4% previously. The country’s foreign reserves were projected to hold steady at $415.6 billion. Japan's Chief Cabinet Secretary Yoshihide Hayashi announced that Prime Minister Shigeru Ishiba planned to meet U.S. President Donald Trump during a visit scheduled from February 6-8, signaling continued diplomatic engagements between the two nations.
The overarching theme in global markets was one of risk aversion, though this sentiment eased somewhat due to China's measured response to U.S. tariffs. This restraint helped stabilize market sentiments and provided a glimpse of hope for future economic cooperation.