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Iron ore futures climbed above CNY 810 per tonne, nearing the highest levels since February last year, as optimism grew that fresh policy support from top consumer China would lift demand. The People’s Bank of China said it plans to lower the reserve requirement ratio and cut key policy rates this year to ensure ample liquidity and maintain an accommodative monetary stance, underpinning the broader demand outlook. At the same time, markets are increasingly pricing in at least two US Federal Reserve rate cuts this year. Chinese steelmakers have also stepped up restocking ahead of the Lunar New Year holiday in February, helping to offset pressure from ample global supply and signs of slowing steel output in China. In addition, solid steel margins, low raw material inventories, and a rebound in hot metal production could provide further support to the market.

Iron Ore Gains on China Demand Hopes

The annual inflation rate in the Netherlands eased slightly to 2.8% in December 2025 from 2.9% in November, according to preliminary estimates. This marked the lowest reading in four months, driven by a decline in energy costs, including motor fuels (-0.4% vs 0.8% in November), and a slowdown in services inflation (4.1% vs 4.3%). In contrast, price growth picked up for industrial goods excluding energy and motor fuels (0.9% vs 0.5%), while inflation for food, beverages, and tobacco remained unchanged at 3.1%. On a monthly basis, consumer prices were expected to show no growth, following a 0.8% decline in November. Meanwhile, HICP-based annual inflation, which excludes owner-occupied housing costs, was estimated at 2.5% in December, slightly lower than 2.6% in November.

Dutch Inflation Rate Falls to 4-Month Low

The Indonesian rupiah slipped to around IDR 16,780 per dollar on Wednesday, marking a fourth straight session of losses, weighed by a firmer dollar index ahead of fresh US economic data in the coming days that could shape expectations for Fed policy. Caution also set in as key domestic indicators drew closer, with December forex reserves and consumer sentiment due later this week, followed by retail sales next week. Recent data pointed to rising cost pressures, as headline inflation rose to a 20-month high of 2.92% in December and core inflation reached a seven-month peak. However, both readings stayed within Bank Indonesia’s target range, tempering the urgency for policy tightening. In fact, the central bank has signaled room for further policy easing this year to aid growth following the Sumatra disaster, after delivering 150bps of rate cuts over the past year. External headwinds also pressured sentiment, with export momentum weakening, particularly in key commodities such as coal.

Rupiah Slides for 4th Session Ahead of  December Forex Reserves

New Zealand's benchmark S&P/NZX 50 index rose 0.4% to close at an all-time high of 13,715 on Wednesday, driven largely by gains in the health tech and non-energy minerals sectors. The local market followed an upbeat session on Wall Street overnight, as investors appeared to look past US intervention in Venezuela and instead focused on upcoming US labor market data for further insight into the Federal Reserve’s policy outlook. Key contributors to the advance were heavyweights Fisher & Paykel (+3.1%), Meridian Energy (+0.5%), Mercury NZ (+0.6%), Ebos Group (+0.3%), and Spark NZ (+0.4%). Additionally, shares of Manuka surged 34.2% after the company confirmed plans to begin fully unhedged gold and silver production in the second quarter of 2026.

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Iron Ore Gains on China Demand Hopes

Dutch Inflation Rate Falls to 4-Month Low

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Germany Retail Sales YoY

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