A look at the day ahead in U.S. and global markets from Mike Dolan.
relative to an assumed picture of a tight but gradually weakening labor market - mainly because of potentially misleading data revisions and seasonal adjustments.Atlanta Federal Reserve Bank President Raphael BosticAhead of Powell's speech at 1240 EST, world stocks and U.S. futures steadied on Tuesday after a rough start to the week and U.S. Treasury yields gave back a little of their wild upswing since the payrolls surprise.
Investors will watch Biden's State of the Union with one eye on the potentially destabilising debt ceiling standoff with Congress. Biden is expected to insist that raising the debt limit is not negotiable and U.S. lawmakers should not use it as a "bargaining chip," Republican U.S. House Speaker Kevin McCarthy called on Biden to agree to compromises and spending cuts, as the two remain deadlocked over raising the nation's $31.4 trillion debt ceiling.jumped almost 4% after posting a record profit of $27.6 billion in 2022 and boosting its dividend by 10%. BP's record profit follows similar reports from rivals Shell, Exxon Mobil and Chevron last week.
Other big movers in Europe included a 17% slide in Nordic Semiconductor after it missed fourth-quarter earnings estimates and a 15% slump in ams OSRAM after the sensor maker reported a weak first-quarter outlook and suspended its 2022 cash dividend.* U.S. Dec trade balance, Dec consumer credit; Canada Dec trade
* Federal Reserve Chair Jerome Powell, Fed Vice Chair for Supervision Michael Barr, Bank of Canada chief Tiff Macklem all speak* U.S. corp earnings: DuPont de Nemours, Prudential Financial, Omnicom, Enphase Energy, Atmos Energy, Amcor, KKR, Chipotle, Lumen Technologies, Centene, Vertex Pharmaceuticals, Royal Caribbean Cruises, FMC, Fiserv, Gartner, Carrier Global etcBy Mike Dolan, editing by Christina Fincher [email protected].
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