Macroeconomics

1. [China-Canada Automotive Cooperation] Canadian Prime Minister Mark Carney announced a new electric vehicle strategy on February 5th, including restarting purchase subsidies, and stated that Canada will cooperate with China to promote the domestic production and export of electric vehicles.

2. [Imports and Exports] Data released by the Ministry of Commerce shows that in 2025, my country's total service trade imports and exports reached 80,823.1 billion RMB, a year-on-year increase of 7.4%, and the service trade deficit decreased by 3,439.5 billion RMB. Travel services grew rapidly, with imports and exports reaching 22,067 billion RMB, an increase of 7.6%.

3. [US Initial Jobless Claims] The number of initial jobless claims in the US last week was 231,000, compared to an estimated 212,000 and a previous value of 209,000. The number of continuing jobless claims in the US for the week ending January 24th was 1.844 million, compared to an estimated 1.85 million.

4. [European Central Bank Interest Rates] On February 5th, the European Central Bank kept interest rates unchanged for the fifth consecutive time at its monetary policy meeting, in line with market expectations. The three key interest rates remain unchanged: the deposit facility rate is 2.00%, the main refinancing rate is 2.15%, and the marginal lending rate is 2.40%.

5. [Bank of England Interest Rates] On Thursday, the Bank of England, as expected, kept its benchmark interest rate unchanged at 3.75%, but also stated that if wage growth slows and helps curb inflation, further interest rate cuts may still be possible in the future.

Agricultural Products

1. [Sugar] As of January 31st, 2025/26 crushing season, 19 sugar mills in Guangdong Province had started crushing, with a cumulative crushing volume of 3.5046 million tons of sugarcane, and a cumulative sugar production of 344,400 tons, slightly higher than the 341,400 tons in the same period of the previous crushing season. The average sugar yield was 9.827%, lower than the 10.09% in the same period of the previous crushing season.

2. [Soybeans] According to a survey by Safras & Mercado, shipping schedules at Brazilian ports indicate that Brazilian soybean exports in February totaled 11.42 million tons, higher than the 2.444 million tons exported in January and also higher than the 9.586 million tons exported in February of last year. Brazilian soybeans are in the early stages of harvest and will enter their peak harvest and market period in February.

3. [Grains] The Ministry of Agriculture of Kazakhstan stated that in the first five months of the 2025/26 marketing year (September to August of the following year), from September 2025 to January 31, 2026, Kazakhstan's grain exports totaled 5.8 million tons, an increase of 1 million tons compared to the 4.8 million tons in the same period of the previous year. This mainly reflects increased exports to traditional markets such as Central Asia and South Asia.

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