The US non-farm payrolls are due today, which is a measure of how many jobs are being created in the USA outside of farms. It’s an important set of data which points to the overall health of the US economy. In an economic slowdown where there’s high inflation, many expect unemployment to go up. Whilst it’s being forecast that this non-farm payrolls data may show a slowing in job creations, it still isn’t as low as it might be. Canada is also due to release their unemployment figures, which many are also expecting to have increased.
Apple and Amazon both reported their earnings for the last quarter yesterday, with Amazon reporting earnings way above analysts expectations – a return to growth that hasn’t been seen since 2020. The stock rose more than 10% on the back of the announcements. Apple, on the other hand, reported its third consecutive quarter of declining sales, as the global slowdown is affecting demands for their phones. They also downgraded their outlook for the next quarter despite climbing digital subscriptions and raising overall profits. The Apple share price fell slightly on the back of the announceme
The Bank of England decided to raise interest rates by a quarter of a basis point (0.25%) yesterday. There was a lot of indecision behind the scenes as to how much the interest rate should be lifted by, if indeed. A statement released shows that they know the pain of the continued interest rate changes and markets remained muted in their response to the widely anticipated raise. Futures, which are a complex financial instrument that give indications of what traders are expecting from markets, look quietly positive for the European major markets. Although with data on industrial production in France and Spain, as well as retail sales in the Eurozone due to be released today, it’s unlikely to be a week to celebrate.
Sources: Financial Times, IG, Nasdaq, Bloomberg, Yahoo Finance