Market movers today
In the US the January jobs report is due out, which we expect to show that employment has continued to rise. Focus remains on average hourly earnings growth (we expect 0.2% m/m), as the missing wage pressure despite the tight labour market is still one of the big puzzles. If the growth in average hourly earnings surprises on the upside, it will, in our view, add fuel to the reflation theme in the financial markets.
Italian January CPI inflation is released, which we expect to have dropped to 0.8% due to energy price base effects. Core inflation will likely continue to be depressed by changes to university education fees which is currently distorting the true picture of underlying inflation pressures in the economy.
Both ECB's Coeuré and Fed's Williams (voter, neutral) are speaking today.
In Norway , unemployment figures for January are out (see next page).
To read the entire report Please click on the pdf File Below: