MORNING BID EUROPE-Yen roars back as US consumer engine sputters
Tom Westbrook gives us a look at what the European and global markets will be like today.
The earnings season and data drove markets on Wednesday, while a rebound of the yen was gaining steam.
TotalEnergies, ?Siemens Energy, Deutsche Boerse, Heineken, ?Schindler and EssilorLuxottica are among ?the ?companies reporting in Europe.
The delayed U.S. job data will also follow unexpectedly weak retail sales, which have raised questions about the health and economy of the world's largest economy.
A significant drop in consumer confidence could halt recent gains made by?stocks such as Walmart, which have risen after a rotation away from AI or AI-vulnerable companies.
The January employment report will show that payrolls increased by 70,000, compared to 50,000 in December, and the unemployment rate remained at 4.4%.
Revised figures for the period from March to the end of the year could show that the economy has created fewer than expected jobs.
Treasuries were up and?U.S. On Tuesday, expectations of a rate cut were slightly raised after the core retail sales numbers for December were only 0.1% higher and those for October and November were revised down.
Shares of chipmaker TSMC rose in Asia's final trading session before the Lunar New Year holiday, bringing the bourse's Asia ex Japan index up 1.3%.
Commonwealth Bank of Australia shares soared 7.8% following the announcement of market share gains. The bank also announced a larger-than-expected dividend. The share price of?biotech giant CSL plummeted to an 8-year low following a profit decline of 81% a day after the announcement of CEO Paul McKenzie?s departure.
The yen has been surging on the foreign exchange market. It is up over 2.5% after Prime Minister Sanae 'Takaichi's Liberal Democratic Party won an overwhelming victory in Sunday's elections. This suggests that some traders believe she can change the fortunes of the currency.
The following are key developments that may influence the markets on Wednesday.
- U.S. payrolls data
- Earnings at Schindler, Heineken, TotalEnergies, Siemens Energy, Deutsche Boerse and EssilorLuxottica
(source: Reuters)
