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.

Plastics and Rubber

1. [HDPE] During this period (January 16th-22nd), the estimated production loss due to polyethylene plant maintenance was approximately 84,000 tons, a decrease of 24,900 tons compared to the same period last week.

2. [BR] Maoming Petrochemical's 100,000 tons/year high-cis butadiene rubber plant was shut down for maintenance from November 24, 2025, and restarted on January 23, 2026. Currently, the post-processing line is operational, with limited output.

3. [Natural Rubber] The latest data shows that in 2025, Thailand's total exports of natural rubber (excluding compounded rubber) amounted to 2.669 million tons, a year-on-year decrease of 5.3%. Of this, standard rubber exports totaled 1.478 million tons, a year-on-year decrease of 16%; smoked sheet rubber exports were 438,000 tons, a year-on-year increase of 24%; and latex exports were 735,000 tons, a year-on-year increase of 8%.

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