📆 Friday, March 8
► European futures extended gains, amidst dovish central bank signals, but now with sideways movement as also European investors wait for the impending US jobs report. ECB President Christine Lagarde hinted at possible policy relaxation by June. France recorded a trade deficit of €7.388 billion in January, with exports and imports experiencing slight adjustments. Germany on the other hand, reported a modest increase in producer price inflation to 0.2% month-over-month in January, offering a nuanced view of the production landscape. Germany’s industrial output also expanded by 1% month-over-month in January, signaling the first growth in nine months.
► In the US, the S&P 500 Index rose 1.3% to set a fresh record, and the Nasdaq 100 went up 1.4%, even as Federal Reserve Chair Jerome Powell said the Fed is not ready to cut rates and that the path to 2% inflation remains uncertain. However, Powell still gave a strong outlook for rate cuts “somewhat” later this year. All eyes are set on the US labor market update (NFP data, UTC+0 13:30), with forecasts predicting a 200,000 job addition in February. The outcome could significantly influence market dynamics, given varied job growth estimates.
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