February 2, 2023

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Investors await the US jobs report

Image: ABM Financial News

(ABM FN-Dow Jones) Investors head into the trading week focused on the US jobs report. European industry figures will also follow.

The macro week opens on Monday with data on money supply in the eurozone. On Tuesday, the market will look at European and US consumer confidence. Inflation in Germany in November can count on investors’ attention, in addition to growth in house prices in the United States.

Wednesday will be busy, with French inflation and growth figures, but also German unemployment data. In addition, provisional inflation figures for November will be released from the Eurozone. However, the focus of the day will be on US economic growth data and ADP’s US jobs report.

On Thursday, the focus is on US, European and British industrials, while investors get an insight into European unemployment figures.

Statement of Works

In addition to ADP’s jobs report, investors will get the official report on Friday. These figures can determine the Federal Reserve’s interest rate policy.

Last month’s jobs report showed 261,000 jobs were added in October, while the market expected a gain of 205,000 jobs. Unemployment rose from 3.5 to 3.7 percent, and average hourly wages rose $0.12 to $32.58.

“A stronger report than expected,” Naeem Aslam, market analyst at AvaTrade, said at the time.

According to Philip Marie, market analyst at Rabobank, job growth and wage growth “have not yet prompted the central bank to moderate the current tight policy.”

Meanwhile, investors expect a slower pace of interest rate hikes. Minutes from last week’s policy meeting showed that most central bank officials supported a slower pace of rate hikes. “Low inflation and low economic growth give you plenty of room to take your foot off the brake pedal,” says Simon Wiersma, investment manager at ING.

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“The minutes confirmed that the central bank is poised to raise rates at a slightly slower pace, which is good news,” AvaTrade’s Aslam said. The analyst cautions that it is important to monitor macroeconomic data. “The market should not be committed to monetary policy.”

Figures behind

Now the revenue season is over in the Netherlands. Figures from Azerbaijan are only scheduled for Wednesday. On Thursday, Corbion and Heineken will host another investor day.

Not too busy in Belgium. Unifiedpost is holding an Investor Day on Wednesday.

Internationally, too, things are calming down. HP will report figures on Tuesday evening, followed by quarterly results from Salesforce and Snowflake on Wednesday. Kroger opens its books on Thursday, which will certainly be useful for Ahold Delhaize’s shareholders to follow. Kroger wants to buy Albertsons.

Source: ABM Financial News

Followers from Beursplein 5 ABC Financial News Developments in the stock markets, and particularly the Amsterdam Stock Exchange, closely. The information contained in this column does not constitute professional investment advice or a recommendation to make specific investments.