Danske Bank

In Germany, the Ifo indicator for January is released. The PMI report released on Friday rebounded more than expected so it will be interesting to see if the Ifo index shows the same picture of the economy.

In the euro area, flash PMIs for January are set for release. In December, both services and manufacturing PMIs declined but from levels that still suggest quite modest growth in the final quarter of the year.

In the UK, focus turns to the December inflation print. While price pressures have eased recently, paving the way for potential Bank of England rate cuts, core inflation remains elevated at 3.2% y/y.

In Germany, we receive the first full-year 2025 GDP estimate, which thereby gives the first indication of Q4 GDP growth.

The second week of the new year started with a lot of jitters and soul-searching as Donald Trump stepped up pressure on the Federal Reserve (Fed), sending the DoJ after Fed Chair Jerome Powell over the Fed's HQ renovations.

In the euro area, the Sentix indicator is released today, providing the first estimate of investor confidence in 2026. While confidence improved in 2025 compared to 2024, it ended the year on a downward trajectory.

In the US, the December Jobs Report is released. We expect recovering jobs growth at +80k, and unemployment rate at 4.5%.

In the euro area, focus turns to the November unemployment data. The unemployment rate has led steady at 6.4% in the previous six releases showing a labour market in balance, following a large revision to earlier data that we got in September.

From the US, ISM Services index and ADP private sector employment report are due for release for December, and the JOLTs report for November.