Look ahead: GDP in Japan & UK and auto earnings in Europe
As GDP data rolls out across mature economies, for the fourth quarter, economists are monitoring how much fat there is between growth and recession. Thursday sees the release of GDP data in Japan and the UK.
Can the UK escape a second quarter in a row of contraction? Then earnings in Europe include two automakers, Renault and Stellantis, alongside Airbus and Commerzbank. In the US one all-sessions stock of note is Coinbase which reports its fourth quarter after the closing bell.
(AI Video Summary)
Important international economic updates expected
Traders on Thursday, 15 February will be focusing on a couple of important things. First, there will be economic updates from different countries. For example, Japan will release its preliminary GDP numbers for the fourth quarter, which some experts think might be weak. Australia will also share data about employment, including statistics on unemployment and job creation. In the UK, there will be a preliminary look at fourth quarter GDP numbers, as well as updates on industrial and manufacturing production. Meanwhile, in the US, key data to look out for includes retail sales, weekly jobless claims, and industrial and manufacturing production.
AUD/USD analysis
One interesting thing to watch out for is the AUD/USD pair in the foreign exchange market. The value of the Australian dollar has dropped recently due to the rise of the US dollar. Analysts have noticed a pattern called "head and shoulders" in the AUD/USD chart, which suggests that the value might further decline. This would reach levels that haven't been seen since October 2022. The performance of the US dollar will be affected by the data releases and how they might influence the Federal Reserve's decision on cutting interest rates.
Earnings reports and corporate updates
In terms of the corporate world, there are a few noteworthy events happening. In Europe, people will be paying attention to the financial results of car manufacturers Stellantis and Renault, as well as aerospace company Airbus. Furthermore, Germany's Commerzbank will release its quarterly figures.
In the US, all eyes will be on Coinbase Global as they announce their fourth quarter numbers. Coinbase has been making headlines because of the approval of an ETF for Bitcoin and the expectation that similar products will be launched for other cryptocurrencies. The trading of Coinbase stock happens on an IT platform, and the numbers will be released after the closing bell on Thursday.
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