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Turkey's consumer price index (CPI) surged by 5.03% month-on-month in January, exceeding expectations of 4.35% and marking a sharp acceleration from the previous month's 1.03%. Annual inflation stood at 42.12%, slightly above forecasts of 41.25% but lower than December's 44.38%. The data highlights ongoing inflationary pressures, potentially influencing the Central Bank of Turkey's monetary policy stance in the coming months.

Central Bank of Turkey lowered the One-Week Repo Rate by 2.5% to 45.00% in line with estimates. The Overnight Borrowing Rate also decreased to 42.00% from 44.50%, while the Overnight Lending Rate with a 2% cut, decreased to 48.00% from the previous 50.50%. 

Turkey's Retail Sales report for November 2024 revealed strong retail activity, with retail sales increasing by 16.4% YoY, outpacing the previous figure of 15.5%, indicating sustained consumer demand despite inflationary pressures. On a monthly basis, retail sales rose by 1.9%, significantly higher than the previous 0.5%, suggesting robust momentum in consumer spending, likely supported by seasonal factors and increased disposable income. These figures reflect resilience in Turkey's domestic economy, even amid ongoing challenges in price stability.

The Central Bank of Brazil (BCB) increased its benchmark interest rate by 1% to 12.25% during its December 2024 meeting, exceeding market expectations of a 75 basis points hike. The decision highlights the bank's commitment to addressing persistent inflationary pressures amidst a challenging global economic landscape.

Mexico's inflation data for November 2024 indicates a gradual easing in price pressures. On an annual basis, the Consumer Price Index (CPI) rose by 4.55%, slightly below the expected 4.59% and a notable decrease from October's 4.76%. Month-on-month, inflation increased by 0.44%, undershooting the forecasted 0.48% and significantly lower than the 0.55% rise in the previous month.

These figures suggest moderated inflationary trends, which could influence the central bank’s policy decisions in the coming months.

Inflation in Turkey remained elevated in November, with mixed trends across key indicators:

CPI (YoY) rose to 47.09%, slightly above the forecast of 46.60% but lower than October's 48.58%, indicating a modest easing in annual consumer price pressures.

CPI (MoM) increased by 2.24%, exceeding expectations of 1.91% but marking a slowdown from 2.88% in the prior month.

On the producer side, PPI (YoY) slowed to 29.47% from 32.24%, reflecting a reduction in input cost pressures.

PPI (MoM) rose modestly by 0.66%, down from 1.29% previously.

While consumer prices remain high, the decline in PPI suggests easing cost-push inflation in the pipeline. However, persistent currency weakness and high energy costs continue to drive inflationary pressures, posing challenges for economic stability.

South Africa's GDP showed stagnation in YoY growth for Q3 2024 at 0.3%, meeting expectations but signaling weak economic momentum. On a quarterly annualized basis, the economy contracted by -0.3%, a sharp downturn from the previous quarter's 0.4% growth.

The decline reflects persistent challenges, including high unemployment, load-shedding disruptions, and subdued investment activity. While external trade provided some support, domestic headwinds weighed heavily on economic performance.

Brazil's GDP expanded by 0.9% QoQ in Q3 2024, surpassing the forecast of 0.8%, though slightly lower than the previous quarter's 1.4%. YoY, the economy grew by 4.0%, up from 3.3% in Q2, aligning with expectations.

Brazil's economic resilience highlights its position as a leading performer in Latin America amid global challenges.

South Africa's central bank announced its interest rate decision for November 2024, cutting the policy rate to 7.75% from 8.00%. This 25-basis-point rate cut reflects the bank’s efforts to support economic growth amidst slowing inflationary pressures. The decision indicates a shift toward a more accommodative monetary policy that fosters domestic economic recovery while carefully balancing risks to price stability and financial markets.

The Central Bank of Turkey maintained its monetary policy stance in November 2024, keeping key interest rates unchanged. The One-Week Repo Rate remained at 50.00%, the Overnight Borrowing Rate at 47.00%, and the Overnight Lending Rate at 53.00%. This decision reflects the bank's continued efforts to manage inflationary pressures while ensuring financial stability. 

Additionally, Gross FX Reserves increased slightly to $94.09 billion from $92.12 billion in the previous period, signaling a buildup in foreign currency assets. However, Net FX Reserves declined marginally to 59.06% from 60.73%, indicating some adjustments in the net reserve ratio. These figures highlight the Central Bank's focus on balancing monetary policy objectives with external economic conditions.

India's GSAT-20, its most sophisticated communications satellite, was successfully launched aboard SpaceX's Falcon 9 rocket from Florida. The satellite, equipped with 32 user beams, is set to enhance broadband connectivity in remote areas and enable in-flight internet services.

The Indian Space Research Organisation (ISRO)'s commercial arm confirmed the successful launch, marking a significant milestone for India's space ambitions.

In a final meeting with Joe Biden at the G20 Summit on Sunday, Chinese President Xi Jinping remarked that US-China relations are a critical issue for the entire world. He also took aim at the US’s ‘small yard, high fence’ tariff policies, emphasizing that such measures are not reflective of the actions of a major nation.