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Friday, January 09, 2026
What’s happening: European stocks slipped on Thursday after hitting record highs earlier this week.
What happened: Uncertainty around the European Central Bank’s monetary policy path and ongoing geopolitical tensions weighed on investor sentiment.
Markets also responded to the latest economic reports released by the Eurozone.
Why it matters: Data released on Thursday showed that industrial producer prices in the Eurozone surged 0.5% in November, accelerating from October’s 0.1% gain. The figure also came in higher than market estimates of 0.2%.
The Eurozone’s unemployment rate declined to 6.3% in November from 6.4% in October and came in better than market estimates of 6.4%. The region’s jobless rate fell to the lowest level since April, with the number of unemployed falling by 71,000 to 10.937 million.
Eurozone’s consumer confidence fell to -13.1 in December from a reading of -12.8 in the previous month.
The index measuring Eurozone’s services confidence fell by 0.2 percentage points to a reading of 5.6 in December, compared to market expectations of 5.9. The Eurozone’s Economic Sentiment Indicator slipped to 96.7 in December from a 31-month high of 97.1 in the previous month.
Tech stocks come under pressure, mirroring their US counterparts on the previous day and reflecting concerns around whether high AI investments would yield the desired returns. Shares of ASML and Infineon settled lower on Thursday.
Bank stocks bucked the trend and recorded sharp gains, BNP Paribas’ stock surging 3.5%. Defence stocks also extended their gains on Thursday after US President Donald Trump called for an increase in defence spending.
The Eurozone’s STOXX 50 declined 0.32% to settle at 5,904.32 on Thursday, while the STOXX Europe 600 Index fell 0.19% to close at 603.83.
Germany’s DAX edged higher on Thursday, scaling fresh highs following strong economic data. Germany’s factory orders surged 5.6% in November, defying market expectations of a 1.0% decline and accelerating from 1.6% growth in the previous month.
London’s FTSE 100 slipped 0.04% to close at 10,044.69, while France’s CAC 40 gained 0.12% to settle at 8,243.47.
What to watch: Investors will keep an eye on the start of the first earnings season of 2026, looking for fresh insights into economic condition. News related to the ongoing US-Venezuela tensions will also remain in focus.
Data on Eurozone’s retail sales (1400 UAE Time) will be released today. Eurozone’s retail sales growth, which rose to 1.5% year-over-year in October from a 1.2% gain in the previous month, is expected to accelerate further to 1.6% in November.
Context: The USD/JPY forex pair rose this morning as investors digested the latest economic data from Japan.
Details: Data released this morning showed household spending surged unexpectedly by 2.9% in November, driven by winter-related purchases and lower inflation concerns. The latest reading topped market estimates of a 0.9% decline and came in better than the 3.0% decline recorded in the previous month.
Japan’s foreign reserves rose by $10.42 billion to $1.37 trillion in December, reaching the strongest level since February 2022.
However, data released on Thursday showed that Japan’s real wages declined 2.8% in November with inflation outpacing growth in wages, which posed a challenge to the Bank of Japan’s policy tightening plans.
Earlier this week, BoJ’s Governor Kazuo Ueda reiterated that the central bank plan to continue hiking interest rates in case economic and price developments remain in-line with expectations.
Strength in the US dollar weighed on the Japanese currency. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged higher to 98.95 this morning.
The USD/JPY pair gained over 0.2% to 157.21 this morning, while the Nikkei 225 surged 1.13% to trade at 51,692.70.
What to watch: Investors await the release of economic data on current account, bank lending and Eco Watchers survey from Japan on Tuesday. Japan’s current account surplus, which widened to ¥2,833.5 billion in October from ¥2,453.8 billion in the year-ago month, is expected to rise further to ¥3,300 billion in November.
Analysts expect Japan’s bank lending to grow by 4.1% year-over-year in December following a 4.2% gain in November. Japan’s service sector index, which declined to 48.7 in November from October’s 19-month high of 49.1, is expected to rise to a reading of 49.2 in December.
Other Markets: US trading indices closed mixed on Thursday, with the Dow Jones index and S&P 500 up by 0.55% and 0.01%, respectively, and the Nasdaq 100 down by 0.57%.
Russia’s drone attacks resulted in widespread outages for residents and industry in two southeastern regions of Ukraine. The news sent the USD/RUB pair lower in forex trading this morning.
Peru’s Central Reserve Bank kept its benchmark rate unchanged at 4.25% at its latest meeting, which lent support to the USD/PEN forex pair.
China’s producer prices fell 1.9% year-over-year in December following a 2.2% decline in the previous month, which sent the USD/CNY pair lower in forex trading this morning.
Canada posted a trade deficit of C$0.58 billion in October versus a surplus of C$0.24 billion in the previous month, lending support to the USD/CAD forex pair.
South Korea’s current account surplus rose to $12.24 billion in November from $6.81 billion in the previous month. However, the USD/KRW pair rose in forex trading this morning.
Spain’s industrial production (1200 UAE Time), Italy’s retail sales (1300 UAE Time), India’s bank loan growth (1530 UAE Time), deposit growth (1530 UAE Time) and foreign exchange reserves (1530 UAE Time), Brazil’s inflation rate (1600 UAE Time), Mexico’s auto exports (1600 UAE Time), auto production (1600 UAE Time) and industrial production (1600 UAE Time), Canada’s unemployment rate (1730 UAE Time), employment change (1730 UAE Time), participation rate (1730 UAE Time) and average hourly wages (1730 UAE Time), as well as US building permits (1730 UAE Time), housing starts (1730 UAE Time), nonfarm payrolls (1730 UAE Time), unemployment rate (1730 UAE Time), average hourly earnings (1730 UAE Time), participation rate (1730 UAE Time), Michigan consumer sentiment (1900 UAE Time), Michigan consumer expectations (1900 UAE Time), Michigan inflation expectations (1900 UAE Time), Baker Hughes oil rig count (2000 UAE Time) and Baker Hughes total rigs count (2000 UAE Time).
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