• The US labor market exhibited stronger-than-expected performance in December, increasing uncertainties around the timing and extent of rate cuts by the Federal Reserve in 2025
• Growth picked up in China to 5.4% in the fourth quarter of 2024 (vs 4.6% in the previous quarter), with stimulus measures starting to show results
• Energy prices remained steady in December, driven by uncertainties about both the security of oil supply and weakening outlook for oil demand
  

Globally, uncertainties remained heightened given expected tariff hikes after the inauguration of Donald Trump as United States (US) President on January 20, with the eurozone and China having relatively higher exposure to headwinds from the same.

The magnitude of the headwinds, however, depends on whether the tariffs imposed will be universal or targeted at certain sectors and regions. As for the US, growth is expected to moderate but remain resilient.