The US will see a week filled with pivotal events, including the Federal Reserve's first policy meeting of the year, along with key data such as US jobs report, ISM Manufacturing PMI, and JOLTs job openings. Fed policymakers are expected to maintain interest rates at 23-year highs, while investors will be looking for any indication of the timing of the bank's rate cuts this year. On the economic data front, it is anticipated that non-farm payrolls likely increased by 162K in January, easing from a 216K increase the month before, while the jobless rate will likely remain steady at 3.7% for the second consecutive period and monthly wage growth is expected to ease to 0.3% from 0.4%. Additionally, the ISM PMI will likely indicate a continued contraction in the manufacturing sector at the start of the year. Finally, investors will also monotor ADP employment change, Q4 labor productivity and employment costs, factory orders, and regional industry indexes such as Chicago PMI and Dallas Fed Manufacturing Index. The earnings season will also continue to dominate headlines, featuring a lineup of prominent companies including heavyweights such as Apple, Amazo., Alphabet, Microsoft, Meta, Advanced Micro Devices, Automatic Data Processing, Boeing, Chevron, Exxon Mobil, Mastercard, Merck & Co, Pfizer, General Motors, Novo Nordisk, and Starbucks Corp.

Shifting the focus to other parts of America, Canada's monthly GDP figures and S&P Global Manufacturing PMI will be in the spotlight, along with Mexico's fourth-quarter GDP and business confidence, as well as Brazil's interest rate decision, unemployment rate, industrial output, and foreign trade.

Across the Atlantic, preliminary Q4 GDP growth, inflation, business surveys, and unemployment rates will be published for major Eurozone countries, including Spain, Germany, France, and Italy. Market consensus suggests the Euro Area economy stalled in Q4, with Spain experiencing a 0.2% expansion, offset by a 0.2% decline in Germany, while GDP in France and Italy remained flat. Also, in the Euro Zone Inflation likely eased to 2.8% in January, with the core rate slowing to a new low since March 2022. Germany's retail sales are forecasted to rebound from their largest decline in 19 months, while the jobless rate remains at the highest since May 2021. France's industrial production is expected to increase for the second consecutive month. Updated PMI figures in Italy and Spain are set to indicate manufacturing activity reached a 10-month and 7-month highs, respectively. Elsewhere, Switzerland's leading KOF economic barometer is also projected to rise to a 10-month high, and manufacturing activity is contracting less.

In the United Kingdom, the Bank of England is expected to maintain interest rates at a 15-year high of 5.25% during its February meeting. Investors are eager to see if the BoE will relax its tough stance on borrowing costs. Also, the Bank of England's monetary indicators, Nationwide housing prices, labor productivity, and final manufacturing PMI data will be released.

In Asia, all eyes will be on Chinese PMIs for January that are set to show manufacturing activity remained subdued despite several stimulus announcements. In Japan, markets will assess the BoJ’s Summary of Opinions for insights into the central bank’s policy outlook. Other Japanese releases include January’s consumer confidence and December’s industrial production, retail sales, unemployment rate, and housing starts. Elsewhere, Q4 GDP reports are expected from the Philippines, Hong Kong, Taiwan, Saudi Arabia, and Qatar. Additionally, South Korea and Indonesia will update their inflation rates. In Australia, headline inflation is expected to slow considerably in both quarterly and monthly terms. Other releases include December’s retail sales and building permits.