The last few trading days have been characterized in particular by the publication of labour market data and inflation figures for the United States as well as the ECB Fed meeting. However, investors on both sides of the Atlantic were no longer tempted out of their reserves ahead of the upcoming Christmas holidays. In particular, the uncertainty surrounding future US monetary policy is likely to have dampened risk appetite.
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US labor market continues to weaken - unemployment rate in November at highest level in four years
On Tuesday, the official US labor market data (non-farm payrolls) for the months of October and November were published retrospectively. Due to the 43-day budget dispute, the data in question could only be published after a delay.
In October, a total of 105,000 jobs were lost outside the agricultural sector, although 64,000 new jobs were created in November. The separately calculated unemployment rate was 4.6% last month, the highest it has been for four years. The rate for October could no longer be determined.
At the same time, the figures for August and September were revised downwards. In September, 11,000 fewer units were created than previously assumed. In August, 22,000 more jobs were lost than previously feared.
Ifo index deteriorates for the second month in a row - ECB leaves key interest rate unchanged
Sentiment in German boardrooms deteriorated in December for the second month in a row. At 87.6 points, the ifo Business Climate Index was below expectations (88.2 points), following 88 points in the previous month. The Munich-based institute surveys around 9,000 managers every month.
On Thursday, it was initially the ECB's key interest rate decision that kept investors increasingly busy. As expected, the European monetary watchdog left the so-called deposit rate at 2.0%. „We are in a good position, but that does not mean we are static,“ said ECB President Christine Lagarde at the subsequent press conference. „We are humble because there is still a lot of uncertainty,“ she continued. Inflation in the eurozone stood at 2.1 percent in November.
US inflation declines significantly - interest rate cut fantasies in the USA are likely to have picked up somewhat
US consumer price data also caused a stir on Thursday, rising by 2.7 percent compared to the previous month, according to the Department of Labor in Washington. Economists polled by Reuters in advance had expected a rate of 3.1 percent. The core rate, which excludes the drivers energy and food, was 2.6 percent.
In this context, interest rate cut fantasies in the United States may have picked up somewhat.
Investors in Germany already had to digest new data on GfK consumer sentiment this morning. At -26.9 points, this index was significantly worse than expected (-23.2 points), after -23.4 points in the previous month.
Finally, the final consumer sentiment data from the University of Michigan is on the agenda in the USA (16:00).
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