Devastating fires in the Los Angeles area are likely to put modest pressure on the U.S. national economy in the near term but are unlikely to derail strong forward momentum, economists say.

US producer prices rose at a slower-than-anticipated rate in December, suggesting a possible easing in inflationary pressures that could factor into how the Federal Reserve approaches future interest rate decisions.

Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.

The annual travel rush for China's Lunar New Year celebrations officially began on Tuesday, with many taking a mental break from their worries about the future to reunite with family or take a holiday.

Japanese manufacturers' sentiment recovered in January after a dip last month thanks to better conditions for materials industries, but their outlook remains flat due to uncertainty over proposed Trump policies, the Reuters Tankan poll found.

The U.S. government posted an $87 billion budget deficit in December, reduced partly by a shift of benefit payments into November but capping a record $711 billion deficit for the first three months of the 2025 fiscal year, the U.S. Treasury Department said on Tuesday.