The upcoming week in the United States will be headlined by the eagerly awaited January CPI report, alongside retail trade, industrial production, and the preliminary reading of Michigan consumer sentiment for February. Headline inflation is poised to moderate to 3% in January, its lowest point since last June, while the core rate is expected to dip to a two-and-a-half-year low of 3.8%. On a month-over-month basis, both headline and core rates are anticipated to hold steady at 0.2% and 0.3%, respectively. Retail trade growth is projected to decelerate to 0.1% in January, following December's 0.6% surge, while industrial activity is anticipated to pick up pace with a 0.3% increase. Moreover, consumer confidence is seen improving in February to its highest level since July 2021. Additionally, speeches by several Federal Reserve officials will be monitored. Attention will also be on housing starts and building permits, producer and foreign trade prices, business inventories, homebuilder sentiment, overall capital flows, the government's monthly budget statement, and regional indicators such as the NY Empire State Manufacturing Index and Philadelphia Fed Manufacturing Index. On the earnings front, notable companies like Arista Networks, Coca-Cola, Airbnb, Shopify, Cisco Systems, CME Group, The Kraft Heinz Co, Twilio, Applied Materials, Deere & Co, and Liberty Global are scheduled to report their fourth-quarter results. Elsewhere in America, key data to watch for include Canada's housing starts and Argentina's inflation figures.

In the United Kingdom, investors brace for a flurry of economic data, including GDP growth, employment, inflation, and retail sales. Forecasts suggest a potential contraction of 0.1% in Q4, signaling a technical recession. The month-over-month consumer prices are predicted to decrease by 0.3%, while the annual inflation rate is set to rise for the second consecutive month to 4.2%. The unemployment rate is poised to rise to 4% in Q4, while retail sales are anticipated to rebound from their largest decline in almost three years. Elsewhere in Europe, second estimates are expected to confirm that the Euro Area economy managed to avoid a recession at the end of 2023 while the Netherlands and Poland are set to release preliminary Q4 GDP figures. In Germany, the ZEW Indicator of Economic Sentiment is expected to reach its highest point in the last 12 months. Switzerland, meanwhile, is predicted to witness a slight ease in the annual inflation rate to 1.6%. Additional key data includes the Eurozone's industrial production and balance of trade, Germany's wholesale prices, Italy's balance of trade, France's jobless rate, Turkey's unemployment rate, and Russia's balance of trade and consumer prices. 

Financial and commodity markets will be closed in China amid the country’s Lunar New Year celebrations, but investors will continue to speculate on whether a series of support measures from Beijing will be able to halt the plunge in China’s equity market and improve its worsening macroeconomic backdrop. Meanwhile, preliminary GDP data is expected to show that Japan’s economy rebounded in the final quarter of 2023. In India, January’s inflation print is set to point to a sharp slowdown a week after the RBI flagged upside risks to price growth. The trade balance and industrial production are also awaited from the G20’s fastest-growing economy. Elsewhere, South Korea will divulge its unemployment rate and the Philippines will decide on new policy rate. In Australia, the spotlight will be split on February’s Westpac consumer confidence gauge, January’s NAB business confidence, and the first batch of labor data of 2024.