📆 Friday, February 2
► In Europe, the Stoxx 600 index sees an uptick (over 0.5%), thanks to strong earnings from Electrolux and Vallourec, as well as the positive sentiment spillover from Wall Street, where technology earnings fueled an after-hours rally. We also see slightly improved industrial production in France as well but also higher unemployment in Spain.
► US equity futures indicate a strong start, with the S&P 500 and Nasdaq 100 futures rising, buoyed by impressive earnings from Meta and Amazon. The tech sector's robust performance highlights its resilience, even as Apple reports challenges in China. US treasuries remained steady, this stability comes in the backdrop of a softening labor market, as evidenced by increasing jobless claims. All eyes are on the upcoming US labor market data, with expectations of a slowdown in job additions. This potential cooling could bolster the case for the Federal Reserve to lower interest rates, offering a slight relief to markets. However, according to our chief analyst, hopes of an interest rate cut are now less important in view of the strong US economic performance and soft landing expectations meaning that bad data is no longer considered a positive driver for markets.
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