Week Ahead: All eyes on US nonfarm payrolls
US nonfarm payrolls
US nonfarm payroll data for September rounds off the week. The figures released last month smashed expectations after clocking in at 266k versus expectations of a 180k print. Average hourly earnings missed expectations on a month-by-month basis, but annualised growth came in above forecasts at 3.1%. Forecasts this time around are for a 168k increase in payrolls and 0.3% wage growth.
UK services PMI
Another dose of UK economic data, following on from last week’s reading that showed the second-worst pace of contraction for the manufacturing sector since 2012 in December. November’s reading showed the service sector had slipped back into contraction, but business optimism was at a four-month high. Were companies right to be feeling more positive?
Costco December sales release, Walgreens earnings
December is a make or break month for many retailers. With Costco being one of the few major retailers to still issue monthly trading updates, the December report will be closely watched as a gauge for consumer activity over the key shopping season.
Meanwhile, this week also sees Walgreens Boots Alliance, Constellation Brands, Bed Bath & Beyond, and Acuity Brands reporting earnings.
Jan 8th – Walgreens Boots Alliance – Q1 2020
Jan 8th – Constellation Brands – Q3 2020
Jan 8th – Bed Bath & Beyond – Q3 2020
Jan 8th – Costco – December Sales Release
Jan 9th – Acuity Brands – Q1 2020
Key Economic Events
(All times GMT)
09.30 GMT 06-Jan UK Services PMI
10.00 GMT 07-Jan Eurozone Flash CPI Estimate
15.00 GMT 07-Jan US ISM Non-Manufacturing Composite PMI
00.30 GMT 09-Jan Australia Trade Balance
00.30 GMT 10-Jan Australia Retail Sales
13.30 GMT 10-Jan US Nonfarm Payrolls / Average earnings