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JAPAN MANUFACTURING PMI HOLDS STEADY IN JANUARY - JIBUN



The manufacturing sector in Japan continued to contract in January, and at a steady pace, the latest survey from Jibun Bank revealed on Wednesday with a manufacturing PMI score of 48.9.

That's unchanged from the December reading and remains beneath the boom-or-bust line of 50 that separates expansion from contraction.

The main positive influences on the headline PMI came from slower cutbacks to production and a smaller decline in new orders. January data pointed to only a modest reduction in output levels across the Japanese manufacturing sector, with the speed of decline the slowest since October 2022.

Survey respondents noted that production schedules were curtailed due to weaker customer demand and more subdued underlying business conditions, especially across the electronics supply chain. At the same time, some firms commented on a boost from improved materials availability and efforts to replenish inventories.

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POUND REBOUNDS AFTER BOE DECISION





As expected, the Bank of England raised its key rate by 50 basis points to 4 percent from 3.50 percent. Following the decision, the pound recovered against its major counterparts. The pound was trading at 1.2368 against the greenback, 158.17 against the yen, 1.1244 against the franc and 0.8896 against the euro around 7:04 am ET.


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JAPAN SERVICE SECTOR ACCELERATES IN JANUARY - JIBUN






The services sector in Japan continued to expand in January, and at a faster pace, the latest survey from Jibun Bank revealed on Friday with a services PMI score of 52.3. That's up from 51.1 in December and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Anecdotal evidence suggested that the recovery from the COVID-19 pandemic continued in January thanks to the easing of restrictions. A number of respondents indicated that the National Travel Discount Program had added an extra boost to domestic travel. As well as helping to boost activity, these factors also supported new business at the start of the year. The survey also said that the composite index improved to 50.7 in January from 49.7 in December.



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ESTONIA INDUSTRIAL PRODUCTION SLUMPS 11.6%



Estonia's industrial production continued to decline sharply at the end of the year, data from Statistics Estonia showed on Monday.

Industrial production contracted 11.6 percent year-on-year in December, slightly slower than the 12.2 percent rise in the previous month. Further, this was the fourth successive monthly decrease.

Among the main sectors, mining and quarrying output fell the most by 14.7 percent annually in December, which was worse than the 11.1 percent fall in the prior month.

Manufacturing production also registered a double-digit negative growth of 11.5 percent, and output produced in the utilities sector plunged 13.1 percent.

In energy production, the volume of electricity production decreased by 16.2 percent and the production of heat by 10.7 percent annually, the agency said.

On a seasonally adjusted basis, industrial production recovered 2.1 percent monthly in December, reversing a 3.8 percent drop in November. It was the first increase in four months.

In 2022, total industrial production declined 1.9 percent compared to 2021, largely led by a 2.7 percent fall in manufacturing output.

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AUSTRALIA CENTRAL BANK HIKES RATE BY 25 BPS



Australia's central bank raised its benchmark rate by a quarter-point on Tuesday, as widely expected.

At the first meeting of the year, the board decided to lift the cash rate target by 25 basis points to 3.35 percent.

The interest rate on Exchange Settlement balances was also raised by 25 basis points to 3.25 percent.

The current sequence of policy tightening has taken the cash rate target to 3.35 percent from 0.10 percent, indicating a total 325 basis-point increase since April 2022. RBA Governor Philip Lowe said further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.

"The Board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that," Lowe said.

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INDIA CENTRAL BANK HIKES RATE FOR SIXTH STRAIGHT MEETING



India's central bank raised its benchmark rates for the sixth consecutive meeting, as widely expected, on Wednesday.

At the end of its three-day monetary policy meeting, the Monetary Policy Committee of the Reserve Bank of India decided to raise the policy repo rate by 25 bps to 6.50 percent.

Four members including Governor Shaktikanta Das voted in favor of a quarter point rate hike, while two members voted against the proposition.

Members also voted 4-2 to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.

"The MPC is of the view that further calibrated monetary policy action is warranted to keep inflation expectations anchored, break core inflation persistence and thereby strengthen medium-term growth prospects," the governor said.

Das said inflation is seen at 6.5 percent in the current financial year, down from 6.7 percent estimated previously. Based on the assumption of a normal monsoon, inflation is projected at 5.3 percent for 2023-24.

Real economic growth for 2023-24 is projected at 6.4 percent, with risks broadly balanced.

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U.S. WEEKLY JOBLESS CLAIMS REBOUND SLIGHTLY MORE THAN EXPECTED



A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rebounded by slightly more than expected in the week ended February 4th.

The Labor Department said initial jobless claims rose to 196,000, an increase of 13,000 from the previous week's unrevised level of 183,000. Economists had expected jobless claims to inch up to 190,000.

The uptick came after jobless claims decreased in four out of the five previous weeks, falling to their lowest level since hitting 181,000 in the week ended April 23, 2022.

Meanwhile, the report said the less volatile four-week moving average edged down to 189,250, a decrease of 2,500 from the previous week's unrevised average of 191,750.

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