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European indices set for higher opening
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Jobs data from the United States and Canada
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Final services PMIs from Europe
Futures markets point to a slightly higher opening of the European cash session today. DAX futures currently trade around 60-70 points above yesterday's cash close. Asian session earlier today was mixed with Chinese, South Korean and Australian indices rallying while stocks from Japan and India moved lower. US dollar is on the backfoot this morning, dropping against all other major currencies. Commodities benefit from USD weakness with oil and precious metals trading higher.
The day ahead is all about jobs data from North America. While services PMIs for October will be released throughout the European morning session, those releases will be revisions and are unlikely to have a major impact on the markets. The US NFP report for October is expected to show a 200k employment gain and an up-tick in the unemployment rate. Powell stressed at the post-FOMC press conference that US labor markets are holding firm and it is helping the Fed stay on a tightening track. However, any deterioration may reignite market hopes for a pivot. Simultaneously to the US release, Canada will release its own jobs report for October so USDCAD traders should be aware of a potential volatility spike near 12:30 pm GMT.
8:00 am GMT - Spain, industrial production for September. Expected: 3.7% YoY. Previous: 5.5% YoY
8:15 am GMT - Spain, services PMI for October. Expected: 48.1. Previous: 48.5
8:45 am GMT - Italy, services PMI for October. Expected: 48.4. Previous: 48.8
8:50 am GMT - France, services PMI for October (final). First release: 51.3
8:55 am GMT - Germany, services PMI for October (final). First release: 44.9
9:00 am GMT - Euro area, services PMI for October (final). First release: 48.2
10:00 am GMT - Euro area, PPI inflation for September. Expected: 42.0% YoY. Previous: 43.3% YoY
12:30 pm GMT - US, NFP report for October.
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Non-farm payrolls. Expected: 200k. Previous: 263k
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Wage growth. Expected: 4.7% YoY. Previous 5.0% YoY
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Unemployment rate. Expected: 3.6%. Previous: 3.5%
12:30 pm GMT - Canada, jobs report for October.
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Employment change. Expected: +5.5k. Previous: +21.1k
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Unemployment rate. Expected: 5.3%. Previous: 5.2%
Central bankers' speeches
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8:30 am GMT - ECB Nagel
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8:45 am GMT - ECB de Guindos
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9:30 am GMT - ECB President Lagarde
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11:00 am GMT - BoE Hauser
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12:15 pm GMT - BoE Pill & Shortall
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2:00 pm GMT - Fed Collins
