- European indices open flat after weak sentiments in China and another record-breaking session in the US
- Virtually empty macro calendar during the European session
- U.S. jobless claims in the spotlight for global investors
Today we will learn only few macro reports, although several large US companies will present quarterly reports, and the lack of significant macro data will not necessarily determine lower volatility. Data from China indicated that inflation in the country is falling more sharply than forecast, which could weigh on Chinese-related stocks. Also, after disappointing results from Kering, which (the company expects operating profit to fall in 2024 and reported lower sales at Gucci) and weak sentiment in China, elevated volatility may be recorded by luxury sector stocks.
On the data side, investors will pay attention primarily to claims at 2:30 pm, where the reading is still expected to be very low, 'far' from the landmark level of 250,000. The market also expects a decline in continuing claims. Yesterday's projections from the Congressional Budget Office pointed to a 4.4% unemployment rate in Q4 2024 and 2025; if such a scenario were to come true, claims would have to rise sharply later this year, which we have not seen so far and the market does not expect. U.S. wholesale inventories are expected to rise m/m similarly to December, and wholesale sales to rebound after the previous flat reading.
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- 1:30 GMT, US, Jobless claims: 220k vs. 224k previously (Continued claims 1.8755m vs. 1.898m previously)
- 3:30 GMT, US, Wholesale sales m/m: 0.3% forecast vs. 0% previous
- 3:30 GMT, US, Wholesale inventories m/m: 0.4% forecast vs. 0.4% previous
- 3:30 GMT, US, Natural gas inventories (EIA): expected down 75 bcf vs. down 197 bcf previous
Central bankers' speeches
- 12:00 - ECB Vujcic
- 12:30 - ECB Wunsch
- 14:30 - Fed Barkin
- 15:00 - BoE Dhingra
- 15:15 - ECB Elderson
- 16:00 - BoE Mann
- 16:30 - ECB Lane
- 18:05 - Fed Barkin
- 23:30 - RBA Bullock
Quarterly results
- Philip Morris (PM.US) - before the session
- Pinterest (PINT.US) - after the session
- Aurora Cannabis (ACB.US) - before the session
- Take Two Interactive (TTWO.US) - after the session
- Harley Davidson (GH.US) - before the session
- Warner Bros. Group (WNB.US) - before the session
- Conocco Phillips (COP.US) - before the session
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