Macro data from China. Month-on-month CPI rose for the first time in 3 months, but slower than expected. This was mainly due to increased spending on travel and shopping during the holiday season. However, overall discretionary spending remains weak due to higher unemployment and concerns about the economy. Despite monetary stimulus from the People's Bank of China, there is no sign of a recovery in Chinese spending.

Next week, we have GDP data that will give us the final reading on the Chinese economy for 2023.