Evolving Geopolitics Ahead of a Busy Data Week

• Geopolitics back in focus after US and Israeli strikes on Iran. The key watchpoint now is whether anything develops around the Strait of Hormuz and its impact on energy and risk sentiment, though market reaction will evolve as markets across the world open through the day.
• Locally, on Friday January private credit grew 0.5% m/m, down from 0.8% prior and under expectations, pointing to a gradual cooling in borrowing demand.
• The slowdown showed across the board, with housing easing to 0.6% and business lending pulling back to 0.5%, the softest monthly read in roughly a year.
• A busy domestic week ahead with Q4 GDP, household spending and trade data due.
• Offshore, focus turns to US payrolls and retail sales this week, while China’s National People’s Congress may give some direction around policy.