Weak data from China fuelled expectations on further monetary easing by the People's Bank of China. China's consumer inflation hit a five-year low rising just 0.8% from a year before and factory deflation further grew.

The Chinese PPI declined for the 35th consecutive time. Deflation grew more-than-expected by -4.3% in January. Economists expected a reading of -3.7%. In December the PPI was at -3.3%.

CPI for January came in at +0.8%, lower than the estimated +1.1%, further slowing compared to +1.5% in December.