“Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) rose to 54 in January, its strongest month since May 2011 – a figure above 50 indicates growth. This compares to December’s figure of 52.7 and reflects the overall pickup in eurozone economic activity. But France failed to break the 50 mark.”

London shows signs of house price ‘bubble’, experts warn – Telegraph

A respectable Ukip would be a feeble political force – FT.com

«Der Immobilienmarkt befindet sich in der Gefahrenzone» – News Wirtschaft: Konjunktur – tagesanzeiger.ch

The Swiss National Bank is concerned about a housing bubble in Switzerland, and not only for hot spots like Geneva and Zurich.

Danish PM reshuffles cabinet for seventh time in 28 months – FT.com

China

The $15 trillion shadow over Chinese banks – Telegraph

LinkedIn targets growth in China – FT.com

China’s January official PMI slips to six-month low | Reuters

China losing status as ‘world’s factory’ | South China Morning Post

China non-factory PMI falls to 53.4, latest sign of slowing economic growth | South China Morning Post

In defence of China’s shadow banks | FT Alphaville

Emerging Markets

Currency wars loom as capital flows expose the weak – Telegraph

The EM’s ‘fragile 8′ must save themselves | Gavyn Davies

India Slashes Growth Figure to 4.5% – WSJ.com

John Mauldin On The Central Banker Throwdown

“Emerging-market countries like Brazil, Russia, Malaysia, and Indonesia will not sit idly by while the developed central banks of the world weaken their currencies. They too are fighting to keep their currencies from appreciating. They are imposing taxes on investments and savings in their currencies. All countries are inherently protectionist if pushed too far. The battles have only begun in what promises to be an enormous, ugly currency war. If the currency wars of the 1930s and 1970s are any guide, we will see knife fights ahead. Governments will fight dirty, they will impose tariffs and restrictions and capital controls. It is already happening, and we will see a lot more of it….”