Look ahead: US housing data; Australia unemployment rate; Currys; Dunelm
US housing starts and building permits in focus after stronger-than-expected retail sales weighed on rate cut timing expectations. Watch out for unemployment rate data from Australia.
The latest EIA crude oil inventory update comes as oil futures are falling on weaker-than-expected data from China and a strengthening dollar. Plus, Currys and Dunelm update investors on trading.
(AI Video Summary)
Australian unemployment rate and US housing data
Today's "Look ahead" provides a preview of important economic events and market movements expected on 18 January. First, it discusses the unemployment rate in Australia, which is expected to remain strong at 3.9%. This indicates a healthy labor market. However, if retail sales data turns out to be better than expected, it could affect this expectation.
Next, the video talks about upcoming housing starts and building permits data, as well as jobless claims figures, from the United States. These numbers could be influenced by the strong retail sales in the US. Additionally, the market will be watching EIA crude oil inventories closely, as oil prices have recently dropped due to weak Chinese data and a stronger dollar.
US and UK retail updates
The video briefly mentions that the US dollar has strengthened after the retail sales figure was released. This could have an impact on US stocks, as there is concern that the strong data from the US might cause the Federal Reserve to reduce its expected future rate cuts.
Moving on to the UK, the video highlights the Christmas trading statement of Currys, an electronics retailer. Investors are especially interested in the performance of the general merchandise sector, as grocers have done well. While Currys has seen a decline from its pandemic highs, it has stated that its financial position has improved. Another UK retailer mentioned is Dunelm, which sells homeware and operates in the slightly cheaper segment of the market. The video notes that during tough economic times, premium retailers tend to do better than cheaper ones.
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