Morning Juice – Europe Session Prep
Good Morning Traders.
It is Friday the 21st of November. Here is what to look out for today.
Sentiment
The selloff in stocks after a brief Nvidia Corp.-led rally spread from Wall Street to Asia, as renewed concerns over the artificial intelligence sector prompted investors to pull back from riskier assets. Cryptocurrencies weakened. Japan issued its strongest warning yet to foreign exchange markets over sharp recent movements in the yen, with the nation’s finance minister specifically mentioning intervention as an option as she tries to push back against continued falls in the currency. Japan’s inflation ticked higher and exports rose, keeping the Bank of Japan on track for an interest rate hike in coming months as Prime Minister Sanae Takaichi prepares an economic package aiming to soothe public discontent over rising living costs. Federal Reserve Bank of Philadelphia President Anna Paulson said she’s approaching next month’s rate-setting meeting with caution, though she remains more concerned about weaknesses in the job market. Fed Governor Michael Barr on Thursday expressed his unease over inflation. A closely-watched index of consumer confidence in the UK has fallen on every measure ahead of the Labour’s government’s budget next week, at which it is expected to raise taxes.
Docket
02:00 ET
UK Retail Sales
YoY – Forecast: 1.4% | Prior: 1.5% | Range: 2.2% / 1%
MoM – Forecast: -0.2% | Prior: 0.5% | Range: 0.3% / -1%
Core YoY – Forecast: 2.5% | Prior: 2.3% | Range: 3.3% / 1.7%
Core MoM – Forecast: -0.5% | Prior: 0.6% | Range: 0.3% / -1.3%
03:15 ET
French PMI’s
Services – Forecast: 48.5 | Prior: 48 | Range: 49.7 / 47.5
Composite – Forecast: 48.1 | Prior: 47.7 | Range: 49.2 / 47.5
Manufacturing – Forecast: 49 | Prior: 48.8 | Range: 49.5 / 48.3
03:30 ET
German PMI’s
Services – Forecast: 54 | Prior: 54.6 | Range: 55 / 52
Composite – Forecast: 53.5 | Prior: 53.9 | Range: 54.1 / 52.7
Manufacturing – Forecast: 49.8 | Prior: 49.6 | Range: 50 / 49.3
04:00 ET
Eurozone PMI’s
Services – Forecast: 52.8 | Prior: 53 | Range: 53.5 / 51.7
Composite – Forecast: 52.5 | Prior: 52.5 | Range: 53 / 51.8
Manufacturing – Forecast: 50.1 | Prior: 50 | Range: 50.6 / 51.8
04:30 ET
UK PMI’s
Services – Forecast: 52 | Prior: 52.3 | Range: 52.9 / 49.7
Composite – Forecast: 51.8 | Prior: 52.2 | Range: 52.5 / 50.9
Manufacturing – Forecast: 49.2 | Prior: 49.7 | Range: 50.5 / 48.3
