This week, investors have been increasingly driven by monetary policy uncertainties and concerns about excessive AI valuations. Following the nomination of Kevin Warsh as the new Fed Chairman, monetary policy uncertainty in the US remains a particularly negative factor. Investors were also confronted with the ECB's key interest rate decision on Thursday, although this did not bring any surprises.
However, due to the partial US government shutdown, which has now been resolved, the publication of US labor market data originally scheduled for today has been cancelled.
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Discussions surrounding high AI valuations are keeping investors on both sides of the Atlantic busy
Investors are still debating whether the high investments in the artificial intelligence (AI) sector will pay off at the end of the day. The AI issue is therefore likely to remain a double-edged sword. On the one hand, a resurgence of euphoria could boost the stock markets again and again - but on the other hand, it could also lead to disappointment and thus act as a classic sword of Damocles.
ISM purchasing managers better than expected - Eurozone inflation falls to 1.7 percent
In a generally manageable trading week from an economic calendar perspective, investors in the US were initially confronted with the ISM Purchasing Managers' Index for the manufacturing sector on Monday, which clearly exceeded expectations at 52.6 units (48.5 points).
Initial estimates of eurozone inflation on Wednesday showed a rate of 1.7 percent for January (compared to the same month last year), after 2.0 percent in December and 2.1 percent in November.
At 53.8 points, the ISM Purchasing Managers' Index for the service sector was slightly better than expected (53.5 points), following 53.8 points in the previous month.
European Central Bank does not touch key interest rate - deposit rate remains at 2.0 percent
As expected, the European Central Bank (ECB) left its key interest rate unchanged for the fifth time in a row on Thursday. The deposit rate thus remains at a level of 2.0 percent. „The appropriate monetary policy stance will depend on the data situation and will be determined on a meeting-by-meeting basis,“ said the central bank about its decision.
However, the job openings on the US labor market (JOLTs) were published on Thursday after a slight delay. At 6.542 million units, these were significantly weaker than expected (7.2 million), after 6.928 million in the previous month.
The official US jobs report (Non-Farm Payrolls) is due to be published next Wednesday at 2:30 pm, according to the US Department of Labor.
This afternoon, however, we will have to keep an eye on the consumer sentiment data from the University of Michigan (16:00).
Amazon announces investments of around 200 billion dollars
Amazon (ISIN: US0231351067) announced an expansion of its investments on Thursday. The online retailer plans to invest around 200 billion dollars this year in the construction of data centers and the development of AI chips, among other things.
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