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January 19th - The first structural interest rate cut of the year has been implemented. The Peoples Bank of China (PBOC) announced that it will lower the rediscount and relending rates by 0.25 percentage points, effective January 19, 2026. This means that banks will be able to borrow money from the PBOC at a lower cost, which will help increase lending to key areas and further support the transformation and optimization of the economic structure. After the reduction, the interest rates for 3-month, 6-month, and 1-year relending programs for agriculture and small businesses will be 0.95%, 1.15%, and 1.25%, respectively; the rediscount rate will be 1.5%; the pledged supplementary lending rate will be 1.75%; and the interest rate for special structural monetary policy tools will be 1.25%.Musk: Given the smooth progress of the AI5 chip design, Tesla (TSLA.O) will restart the Dojo3 project.Japans core machinery orders fell 6.4% year-on-year in November, compared with an expected 4.9% and a previous reading of 12.50%.On January 19th, according to foreign media reports, Chicago Board of Trade (CBOT) corn futures fell in the week ending January 16, 2026, with the benchmark contract closing down 4.7%, marking the largest weekly drop since July of last year. This was mainly due to bearish supply and demand data from the U.S. Department of Agriculture and a clearer outlook for southern corn production. However, rising crude oil futures and strong corn export sales limited the overall decline. The U.S. Department of Agricultures supply and demand report showed that due to upward revisions in both yield and harvested area, the U.S. corn production forecast was revised upward by 269 million bushels to 17.021 billion bushels, a year-on-year increase of 13.62%, while the markets average expectation before the reports release was a downward revision to 16.544 billion bushels. The export forecast remained unchanged at 3.2 billion bushels, a year-on-year increase of 11.96%. The U.S. corn usage forecast for the ethanol industry remained unchanged at 5.6 billion bushels, a year-on-year increase of 3.02%. Corn ending stocks were revised upward by 198 million bushels to 2.227 billion bushels, far exceeding market expectations of 1.982 billion bushels, representing a year-on-year increase of 43.58%.1. Monday: ① Data: Chinas 2025 full-year GDP data, December retail sales and industrial added value of enterprises above designated size, Eurozone December CPI final value, Canada December CPI; ② National Bureau of Statistics releases monthly report on housing sales prices in 70 large and medium-sized cities; ③ State Council Information Office holds press conference on the operation of the national economy; ④ World Economic Forum Annual Meeting 2026 to be held from January 19 to 23; ⑤ Trump leads delegation to attend World Economic Forum Annual Meeting; ⑥ 14th National Congress of the Communist Party of Vietnam held; ⑦ Relending and rediscount rates lowered by 0.25 percentage points; ⑧ US stock market closed for Martin Luther King Jr. Day holiday. 2. Tuesday: ① Data: Chinas one-year and five-year LPRs, UK December unemployment rate, Germanys December PPI, Eurozone January ZEW economic sentiment index; ② A new round of price adjustments for domestic refined oil products will begin; ③ Important figures such as European Commission President Ursula von der Leyen, UK Chancellor of the Exchequer Reeves, and Canadian Prime Minister Mark Carney will speak at the World Economic Forum Annual Meeting; ④ The US Supreme Court may issue at least one ruling; ⑤ Tokyo Electric Power Company (TEPCO) will restart the first unit of the Kashiwazaki-Kariwa Nuclear Power Plant; ⑥ Earnings reports: Netflix, United Airlines, etc. 3. Wednesday: ① Data: UK December CPI and Retail Price Index, US November Building Permits, US December Pending Home Sales Index, US October Construction Spending (MoM); ② Taiwan Affairs Office holds a press conference; ③ ECB President Lagarde and BlackRock CEO Fink attend a discussion at the World Economic Forum; ④ IEA releases monthly oil market report; ⑤ Trump speaks at the World Economic Forum Annual Meeting on "How Can We Cooperate in an Increasingly Competitive World?"; ⑥ US Supreme Court hears arguments in Trumps attempt to remove Federal Reserve Governor Cook; ⑦ US indefinitely suspends immigration visas for 75 countries. 4. Thursday: ① Data: US API crude oil inventories, Australia December employment report, US initial jobless claims, November PCE report, final Q3 real GDP reading, US EIA natural gas inventories, Eurozone January consumer confidence index; ② Earnings reports: Procter & Gamble, Intel, etc.; ③ ECB releases minutes of its December meeting; ④ World Economic Forum Annual Meeting holds a panel discussion on the Middle East economy. 5. Friday: ① Data: US EIA crude oil inventories, Japans December core CPI year-on-year rate, UK December retail sales, manufacturing PMIs from France, Germany, the US, the UK, and Canada, US January University of Michigan consumer sentiment index and final reading of one-year inflation expectations; ② Bank of Japan announces interest rate decision and economic outlook report, Governor Kazuo Ueda holds a press conference; ③ Japanese Prime Minister Sanae Takaichi considers dissolving the House of Representatives on the opening day of the Diet. 6. Saturday: ① US total oil rig count for the week ending January 23; ② CFTC releases weekly positioning report.