Reminder: Please pay close attention to the following (all times are in Beijing time)

① Time TBD MiniMax Hong Kong IPO, Zhaoyi Innovation Hong Kong IPO;
② 09:30 China December CPI and PPI;
③ Possible release of China's social financing scale increment from January to December, new RMB loans, December M2 and other monetary supplies;
④ 15:00 Germany November industrial output;
⑤ 20:45 European Central Bank Chief Economist Lane speaks in Denmark;
⑥ 21:30 U.S. December non-farm payroll report (including employment population, unemployment rate, average hourly wage), October new housing starts, building permits, Canada December employment report;
⑦ Time TBD U.S. Supreme Court may make a ruling on tariff issues;
⑧ 23:00 U.S. January University of Michigan Consumer Sentiment Index preliminary value, U.S. Minneapolis Federal Reserve President Kashkari (2026 FOMC voting member) delivers a welcome speech and participates in informal discussions at an online meeting hosted by the bank;
⑨ Next day 01:00 Federal Reserve releases the 2025 Q3 flow of funds report, discussing the financial health of U.S. households, U.S. Atlanta Federal Reserve President Bostic (2027 FOMC voting member) interviews with the media;
⑩ Next day 02:35 U.S. Richmond Federal Reserve President Barkin (2027 FOMC voting member) discusses the outlook;