Macroeconomics

1. [S&P Global Manufacturing PMI] The preliminary S&P Global Manufacturing PMI for the US in January was 51.9, slightly higher than the previous value of 51.8; the preliminary Services PMI remained unchanged at 52.5, and the preliminary Composite PMI rose slightly to 52.8. All three figures were slightly lower than expected.

2. [Eurozone Manufacturing PMI] The preliminary Eurozone Manufacturing PMI for January rose slightly to 49.4, still in contraction territory; the preliminary Services PMI fell to 51.9, lower than expected.

3. [Japanese Interest Rates] The Bank of Japan maintained its benchmark interest rate at 0.75%, while raising its economic growth and inflation forecasts for fiscal year 2026. Bank of Japan Governor Ueda stated that he will closely monitor the impact of the weaker yen and will purchase government bonds to stabilize the market if long-term bond yields rise abnormally.

4. [Indian Automobile Tariffs] Sources say that under a trade agreement with the EU, India will reduce import tariffs on automobiles from a maximum of 110% to 40%. The tariff reduction will only apply to a limited number of cars with an import price exceeding €15,000. The tariff will be immediately reduced to 40% and will be gradually further reduced to 10%. To protect local investment, import tariffs on electric vehicles will be reduced after five years.

Energy

1. [Crude Oil] On January 23, international crude oil futures rose. The settlement price for the March contract of US WTI crude oil futures was $61.07 per barrel, an increase of $1.82 or 2.8%. The settlement price for the April contract of Brent crude oil futures was $65.07 per barrel, an increase of $1.73 or 2.6%.

2. [Crude Oil] On January 23, US energy services company Baker Hughes reported that the number of active oil and gas drilling rigs in the US increased for the first time in three weeks. Data showed that in the week ending January 23, the total number of oil and gas drilling rigs, a leading indicator of future production, increased by 1 to 544. The number of active oil rigs increased by 1 to 411, while the number of natural gas rigs remained unchanged at 122. 3. [Crude Oil] According to Algerian state media, Algeria's crude oil production is projected to rise to an average of 934,000 barrels per day in 2025, a two-and-a-half-year high, exceeding the 905,000 barrels per day produced in 2024, maintaining its position among Africa's major oil-producing countries.

4. [Fuel Oil] Data from the Singapore Enterprise Development Board (ESG) shows that in the week ending January 21st, Singapore's fuel oil inventories decreased by 2.095 million barrels to a 13-week low of 23.378 million barrels; light distillate inventories increased by 297,000 barrels to a 41-week high of 15.821 million barrels; and middle distillate inventories increased by 319,000 barrels to a 7-week high of 8.638 million barrels.

5. [Fuel Oil] In December 2025, China's fuel oil production was 3.394 million tons, a decrease of 8.2% year-on-year. Cumulative fuel oil production from January to December was 41.928 million tons, a decrease of 2.8% year-on-year.

6. [Petroleum Coke] In December 2025, China's petroleum coke production was 2.957 million tons, a year-on-year increase of 9.1%. Cumulative petroleum coke production from January to December was 31.727 million tons, a decrease of 2.8% year-on-year.

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