America

As January draws to a close, fourth-quarter earnings season shifts into high gear, with a heavy slate of major US companies set to report. In technology, results are due from Apple, Meta Platforms, Microsoft, IBM, and Tesla. Other notable reporters include Boeing, General Motors, UnitedHealth Group, AT&T, ADP, GE Vernova, Starbucks, Blackstone, Caterpillar, Mastercard, Takeda Pharmaceutical, Visa, American Express, Verizon Communications, and The Walt Disney Company, alongside energy giants Chevron and Exxon Mobil. Monetary policy will also command attention as the Federal Reserve concludes its two-day meeting on Wednesday. Markets widely expect the Fed to leave the federal funds rate unchanged at 3.5%–3.75%, following December’s cut, as labor market conditions remain resilient and inflation stayed elevated through the fourth quarter. Adding another potential market catalyst, Treasury Secretary Scott Bessent told CNBC on Tuesday that a nominee to succeed Fed Chair Jerome Powell, whose term expires in May, could be announced as soon as next week. On the economic data front, investors will focus on updates to durable goods orders and the Producer Price Index. Durable goods orders are expected to have risen 0.5% in November, partially rebounding from October’s 2.2% decline. Producer prices are forecast to increase 0.2% in December, matching November’s pace, while core PPI is seen rising 0.3% after being flat previously. Additional releases include the foreign trade balance, factory orders, Case-Shiller home price index for November, and regional and sentiment indicators such as the Chicago Fed National Activity Index, Dallas Fed Manufacturing Index, Chicago PMI, and Conference Board consumer confidence. Elsewhere across America, central banks in Canada and Brazil will also announce policy decisions, with the Bank of Canada expected to leave rates unchanged. Key data releases include GDP and trade balance figures for Canada and Mexico, as well as Brazil’s labor market report.

Eccles Building, Washington DC, US

Europe

Flash fourth quarter GDP releases will be in focus across Europe next week, with preliminary figures due from the Euro Area as well as Germany, France, Italy and Spain. The Eurozone economy is expected to have grown by 0.3% quarter on quarter in Q4 2025, matching the pace seen in the previous quarter. Spain is forecast to remain the strongest performer, with growth of around 0.6%, while Germany, France and Italy are each expected to post more modest expansions of about 0.2%. Inflation data will also be closely watched, particularly preliminary January readings from Germany and Spain. In Germany, annual inflation is seen rising to around 2.2% from 1.8% in December. Key sentiment indicators are also due, with the Germany's Ifo Business Climate Index expected to climb to a three month high and the GfK Consumer Climate Indicator forecast to improve from its weakest level in nearly two years. Elsewhere, unemployment figures and confidence surveys will be released across the Euro Area and major economies including France, Italy and Spain, alongside Switzerland’s KOF leading indicators. In the UK, the data calendar is light, limited mainly to mortgage approvals and Nationwide house price figures. Turkey will publish unemployment and trade balance data. On the monetary policy front, attention will turn to the Swedish Riksbank, which is expected to keep interest rates unchanged after signalling in December that borrowing costs are likely to remain on hold for some time.

Frankfurt am Main, Germany

Asia Pacific

In China, attention will turn to December industrial profits data, alongside the official NBS Manufacturing and Non-Manufacturing PMI readings for January, which are expected to show a modest uptick in manufacturing growth. In Japan, focus will be on the minutes from the Bank of Japan’s December policy meeting, where it raised the benchmark rate to a 30-year high of 0.75%, as well as inflation figures for Tokyo, with the core rate expected to ease slightly to 2.2% from 2.3%. Industrial production is likely to have declined at a slower pace of 0.4%, while housing starts are projected to fall more moderately by 4.1%. Other key indicators include the unemployment rate and consumer confidence. In Australia, investors will assess December consumer inflation, with the annual rate expected to rise to 3.6% from 3.4%. Business confidence and Q4 producer inflation figures will also be in focus. Elsewhere in the region, industrial production data are due from India, Singapore, and South Korea. Singapore will also release unemployment figures, while South Korea is set to report business confidence and retail sales. Trade data are expected from the Philippines, Hong Kong, New Zealand, Armenia, and Macau, while GDP figures will be released by the Philippines and Taiwan.

Shanghai, China