Non-Farm Payrolls

Dow Hits Record High Amid Strong Jobs Data, Fed Rate Cut Prospects Diminish | Daily Market Analysis Key events: Eurozone - ECB's Lane Speaks Eurozone - Eurogroup Meetings USA - FOMC Member Bowman Speaks USA - FOMC Member Kashkari Speaks  The Dow surged to fresh record highs on Friday, driven by a surprisingly strong jobs report that highlighted the resilience of the US economy and eased concerns about a potential recession.

Key events: USA - Average Hourly Earnings (MoM) (Mar) USA - Non-Farm Payrolls (Mar) USA - Unemployment Rate (Mar) Thursday marked the fourth consecutive day of losses for the Dow Jones Industrial Average, as intraday gains were relinquished amidst mounting geopolitical tensions and hawkish commentary from Federal Reserve officials, just ahead of the highly anticipated monthly jobs report scheduled for Friday.

Key events: USA - Average Hourly Earnings (MoM) (May) USA - Nonfarm Payrolls (May) USA - Unemployment Rate (May) On Thursday, global stock markets experienced a rise following the passage of a bill by the US House of Representatives to increase the federal debt ceiling. Concurrently, US Treasury yields declined as data indicated a cooling labor market, diminishing the likelihood of an interest rate hike by the Federal Reserve.

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Key events:       Australia – Retail Sales (MoM) UK – Construction PMI (Jan) Canada – Ivey PMI (Jan) Eurozone – ECB President Lagarde Speaks   Global market sentiment on Monday morning could be characterized as negative, fueled by growing tensions between the U.S. and China and an earthquake in Turkey.

Key events:       UK – Manufacturing PMI (Dec)   Rising inflation and higher interest rates couldn't help but affect the housing sector - and perhaps it's the labor market's turn. On the other hand, the Non-Farm Payrolls (NFP) reading has beaten economists' estimates for the past eight months, which means another positive surprise is not out of the question.