Good morning, investors! We’ve had an eventful end to the week, with significant developments on Thursday and critical data releases lined up for today.
Thursday saw a 25 basis point rate cut from the Bank of England, which weighed on the British Pound. In the US, the ISM Manufacturing PMI came in below expectations, adding to the bearish sentiment in the markets. Earnings reports from major companies also stirred the waters: Apple posted better-than-expected results but faced a slight decline in after-hours trading. Amazon, however, reported disappointing revenue, leading to an 8% drop in after-hours trading.
As we look forward to Friday's trading day, the European session kicked off with lower-than-expected inflation data from Switzerland at -0.2%. Key economic indicators to watch for in the US session include average hourly earnings and the much-anticipated non-farm payrolls, expected to come in at 176,000. Additionally, we have earnings reports from major players in the oil and gas sector, ExxonMobil and Chevron, which will be released before the market opens and could significantly impact market dynamics.
Market movements have been volatile, with indices experiencing a sharp decline on Thursday after mid-week gains. The Japanese Yen continues to show strength, while the American Dollar is seeing a slight correction. Precious metals are on the rise, showing a bullish trend, while oil continues to struggle. With today’s data releases and earnings reports, we can expect increased volatility and potential trading opportunities.
Stay tuned for a day packed with market-moving events!