The spotlight of global financial markets is firmly on the release of the U.S. labor market report for October. Above all, the Non-Farm Payrolls (NFP) print will serve the Federal Reserve as a key benchmark ahead of upcoming interest rate decisions. Market sentiment across European and U.S. bourses is shaped by recent pullbacks in the technology sector and ongoing reactions to the U.S. midterm election outcomes. Elevated volatility is anticipated primarily across USD currency pairs, Wall Street equity indices, and the gold market. 

Macroeconomic Calendar (CET)

  • 08:00 Germany - Industrial Production m/m. Consensus: 0.0%. Previous: 2.0%.

  • 08:00 Germany - Trade Balance. Consensus: 18.5B EUR. Previous: 17.8B EUR.

  • 14:30 USA - Nonfarm Payrolls. Consensus: 65K. Previous: 29K.

  • 14:30 USA - Unemployment Rate. Consensus: 4.2%. Previous: 4.2%.

  • 14:30 USA - Average Hourly Earnings m/m. Consensus: 0.3%. Previous: 0.1%.

  • 14:30 USA - Average Hourly Earnings y/y. Consensus: 2.9%. Previous: 3.0%.

  • 14:30 USA - Private Nonfarm Payrolls. Consensus: 64K. Previous: 46K.

  • 14:30 Canada - Net Employment Change. Consensus: 20.0K. Previous: 46.7K.

  • 14:30 Canada - Unemployment Rate. Consensus: 6.6%. Previous: 6.5%.

  • 16:00 USA - Michigan Consumer Sentiment. Consensus: 47.8. Previous: 48.0.

  • 16:00 USA - Michigan 1-Year Inflation Expectations. Consensus: N/A. Previous: 4.7%.

  • 18:15 USA - Fed Governor Michelle Bowman Speaks.

  • 19:00 USA - Baker Hughes U.S. Oil Rig Count. Consensus: N/A. Previous: 462.

  • 21:00 USA - Consumer Credit. Consensus: 12.00B USD. Previous: 8.28B USD.

08:00 Germany - Industrial Production m/m. Consensus: 0.0%. Previous: 2.0%.

08:00 Germany - Trade Balance. Consensus: 18.5B EUR. Previous: 17.8B EUR.

14:30 USA - Nonfarm Payrolls. Consensus: 65K. Previous: 29K.

14:30 USA - Unemployment Rate. Consensus: 4.2%. Previous: 4.2%.

14:30 USA - Average Hourly Earnings m/m. Consensus: 0.3%. Previous: 0.1%.

14:30 USA - Average Hourly Earnings y/y. Consensus: 2.9%. Previous: 3.0%.

14:30 USA - Private Nonfarm Payrolls. Consensus: 64K. Previous: 46K.

14:30 Canada - Net Employment Change. Consensus: 20.0K. Previous: 46.7K.

14:30 Canada - Unemployment Rate. Consensus: 6.6%. Previous: 6.5%.

16:00 USA - Michigan Consumer Sentiment. Consensus: 47.8. Previous: 48.0.

16:00 USA - Michigan 1-Year Inflation Expectations. Consensus: N/A. Previous: 4.7%.

18:15 USA - Fed Governor Michelle Bowman Speaks.

19:00 USA - Baker Hughes U.S. Oil Rig Count. Consensus: N/A. Previous: 462.

21:00 USA - Consumer Credit. Consensus: 12.00B USD. Previous: 8.28B USD.

Corporate Earnings

  • Moderna Inc (MRNA) – pre-market on Wall Street

  • Humana Inc (HUM) – pre-market on Wall Street

  • Charter Communications Inc (CHTR) – pre-market on Wall Street

  • Vistra Corp (VST) – pre-market on Wall Street

  • Sun Life Financial Inc (SLF) – pre-market on Wall Street

Moderna Inc (MRNA) – pre-market on Wall Street

Humana Inc (HUM) – pre-market on Wall Street

Charter Communications Inc (CHTR) – pre-market on Wall Street

Vistra Corp (VST) – pre-market on Wall Street

Sun Life Financial Inc (SLF) – pre-market on Wall Street

3 Markets to Watch

  1. EURUSD – The primary recipient of volatility stemming from the NFP report. Any divergence in headline payrolls and wage growth against the consensus will drive the short-term trajectory of the U.S. dollar and Treasury yields.

  2. S&P 500 / Nasdaq 100 – A critical resilience test for U.S. benchmark indices. A higher-than-expected payroll print may reignite concerns over prolonged Fed hawkishness, whereas an overly weak reading could revive fears regarding the pace of the economic cooldown.

  3. Gold – Highly sensitive to unexpected shifts in hourly wage growth and the unemployment rate via their immediate transmission into U.S. real yields and the dollar index.

EURUSD – The primary recipient of volatility stemming from the NFP report. Any divergence in headline payrolls and wage growth against the consensus will drive the short-term trajectory of the U.S. dollar and Treasury yields.

S&P 500 / Nasdaq 100 – A critical resilience test for U.S. benchmark indices. A higher-than-expected payroll print may reignite concerns over prolonged Fed hawkishness, whereas an overly weak reading could revive fears regarding the pace of the economic cooldown.

Gold – Highly sensitive to unexpected shifts in hourly wage growth and the unemployment rate via their immediate transmission into U.S. real yields and the dollar index.

 

Chart of the Day: EURUSD Between a Hawkish ECB and a Cautious Fed

Morning Wrap: Tech Crash and a Black Thursday for Global Markets

Daily Summary: The Honeymoon Is Over: Wall Street Plunges Into a Massive Sell-Off

Nasdaq Sell-Off 🚩 Technology Stocks Suffer Heavy Losses

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