A look at the day ahead in European and global markets from Wayne Cole. It's been a quiet start to the week with holidays in much of Asia - welcome, almost, to the year of the Fire Horse - and the United States. Japanese data rained on the Nikkei's parade as GDP badly missed forecasts. The economy grew just 0.2% annualised in the December quarter, when analysts had hoped for a bounce of 1.6% after a contraction in Q3. GDP was also up just 0.1% year-on-year, a sharp slowdown from 2% in mid-2025. Nominal GDP was a bit better at 3.4% on the year, but all of that was accounted for by rising prices.