• European stock markets set to open higher
  • NFP data for April in the spotlight
  • German factory orders plunged 10.7% MoM in March

European index futures point to a slightly higher opening of the cash session on the Old Continent today. Turmoil in the US banking sector was re-ignited and is once again playing a major role in market moves. However, traders will be offered some top-tier macro releases today that may help them distract from banking issues. Release of NFP report for April is a key event of the day. Market expects a rather strong jobs growth of 236k with wage growth staying unchanged at 4.2% YoY. Canadian jobs report will be released simultaneously and is expected to show a smaller jobs gain than a month before as well as an uptick in the unemployment rate. Investors will also be offered some second-tier data from Europe in the morning like EMU retail sales but it is unlikely to trigger major market moves. German factory orders data released this morning showed a massive plunge of 10.7% MoM (exp. –2.1% MoM) but it failed to trigger any major reaction on either EUR market or equity markets.

7:45 am BST – France, industrial production for March. Expected: -0.4% MoM. Previous: +1.2% MoM

10:00 am BST – Euro area, retail sales for March. Expected: -3.1% YoY. Previous: -3.0% YoY

1:30 pm BST – US, NFP report for April.

  • Non-farm payrolls. Expected: +180k. Previous: +236k
  • Unemployment rate. Expected: 3.6%. Previous: 3.5%
  • Wage growth. Expected: 4.2% YoY. Previous: 4.2% YoY

1:30 pm BST – Canada, jobs report for April.

  • Employment change. Expected: +21.5k. Previous: +34.7k
  • Unemployment rate. Expected: 5.1%. Previous: 5.0%

Central bankers’ speeches

  • 9:00 am BST – ECB Elderson
  • 12:00 pm BST – SNB Chairman Jordan
  • 6:00 pm BST – Fed Cook
  • 6:00 pm BST – Fed Bullard

Top Wall Street earnings releases

  • AMC Entertainment (AMC.US) – before market open
  • Warner Bros Discovery (WBD.US) – before market open
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