The past week saw notable economic releases and corporate earnings across key global markets, reflecting continued economic activity and growth in several sectors. Highlights included inflation data from Germany and Australia, U.S. job market reports, and significant earnings announcements from leading companies. Meanwhile, commodities like crude oil and gold saw substantial price increases, while major U.S. stock indices ended the week lower.
Major Economic Indicators and Events in Review
Monday, January 6
All Day – Germany: Prelim CPI m/m (EUR)
Germany’s inflation rate is projected at +2.6% in December 2024, based on year-over-year changes in the Consumer Price Index (CPI). Consumer prices rose by 0.4% compared to November 2024. The annual average inflation rate for 2024 is expected to be +2.2%. Core inflation, which excludes food and energy, is forecasted at +3.1% in December 2024.
The EURUSD exchange rate edged up by 0.78% compared to the prior trading session.
Tuesday, January 7
09:30 am – Switzerland: CPI m/m (CHF)
In December 2024, the Consumer Price Index (CPI) decreased by 0.1% compared to the previous month, reaching 106.9 points (December 2020 = 100). Inflation rose by 0.6% year-over-year, and the average annual inflation rate for 2024 was 1.1%.
The USDCHF exchange rate increased by 0.5%.
17:00 – USA: ISM Services PMI (USD)
The Services PMI rose to 54.1% in December, marking the sixth consecutive month of expansion. Business activity and supplier deliveries strengthened, while new orders and employment remained in growth territory. Prices increased sharply, while inventories stayed in contraction. Nine industries reported growth, driven by seasonal demand and year-end activity.
The EURUSD decreased by 0.4%.
17:00 – USA: JOLTS Job Openings (USD)
Job openings remained steady at 8.1 million in November, though down 833,000 over the year. Hires were unchanged at 5.3 million, while total separations held at 5.1 million. Quits declined to 3.1 million, and layoffs remained stable at 1.8 million.
The USDJPY increased by 0.16%.
Wednesday, January 8
02:30 am – Australia: CPI y/y (AUD)
Australia’s monthly CPI indicator rose 2.3% in the 12 months to November, driven by higher prices for food, alcohol, and recreation. Electricity and fuel prices fell, offsetting some of the overall increase. Rental prices rose 6.6%, while new dwelling prices grew 2.8%.
The AUDUSD exchange rate decreased by 0.24%.
15:30 – USA: Unemployment Claims (USD)
Initial unemployment claims decreased by 10,000 to 201,000 for the week ending January 4, with the 4-week moving average falling to 213,000. Insured unemployment remained stable at 1.2%, while insured unemployment claims rose by 33,000 to 1.87 million.
The EURUSD exchange rate decreased by 0.28%.
Friday, January 10
17:30 – Canada: Employment Change (CAD)
Employment rose by 91,000 (+0.4%) in December, with the unemployment rate falling to 6.7%. Key job gains occurred in education, transportation, finance, and health sectors. Alberta and Ontario saw the largest increases, while Manitoba experienced a decline. Average hourly wages grew 3.8% year-over-year.
The USDCAD gained 0.28%.
17:30 – USA: Nonfarm Employment Change (USD)
In December 2024, total nonfarm payroll employment increased by 256,000, while the unemployment rate held steady at 4.1%. Job gains were notable in health care, government, social assistance, and retail trade. Average hourly earnings rose 3.9% year-over-year.
The EURUSD exchange rate decreased by 0.56%.
Commodities
- Crude Oil
Crude oil prices increased by 3.42% over the past week
- Brent Oil
Brent was up 4.00% compared to the previous week
- Gold
The precious metal Gold (XAUUSD) concluded the week on Friday with a 1.88% weekly rise
- Silver
XAGUSD increased by 2.68% from the last week
Stock Market
- S&P 500 decreased by 1.88%
- DJIA was down by 1.61%
- NASDAQ 100 was down by 2.20%
Top Gainers
- fuboTV Inc. (FUBO) 254.86%
- DatChat, Inc. (DATS) 147.69%
- Hoth Therapeutics, Inc. (HOTH) 145.16%
Top Losers
- IGM Biosciences, Inc. (IGMS) -66.29%
- CDT Environmental Technology Investment Holdings Limited (CDTG) -50.91%
- ModivCare Inc. (MODV) -47.48%
Company Earnings (January 6 – 10)
Tuesday, January 7: AIR (AAR Corp.)
Wednesday, January 8: AYI (Acuity Brands, Inc)
Friday, January 10: DAL (Delta Air Lines Inc)
AAR Corp reported a 26% increase in sales to $686 million, driven by strong demand and acquisitions. Adjusted EPS rose 11% to $0.90, while adjusted EBITDA grew 42% to $78 million. The company reported a GAAP net loss of $31 million due to FCPA-related charges. AAR secured new contracts, announced a joint venture with Air France, and plans to divest its Landing Gear Overhaul business.
AI R shares increased by 8.35% from the previous week.
Acuity Brands reported Q1 2025 earnings with an EPS of $3.97, surpassing expectations by $0.10. Revenue rose 1.8% year-over-year to $951.6 million, slightly below analyst estimates of $955.6 million. With a trailing EPS of $13.58 and a P/E ratio of 22.71, earnings are projected to grow 9.03% next year, reaching $16.91 per share.
AYI shares increased by 1.21% from the previous week.
Delta Air Lines reported Q4 2024 earnings with an EPS of $1.85, exceeding the consensus estimate by $0.09. Revenue grew 9.4% year-over-year to $15.56 billion, surpassing expectations of $14.20 billion. With a trailing EPS of $7.20 and a P/E ratio of 9.30, earnings are projected to increase 18.26% next year, reaching $7.19 per share.
DAL shares experienced an increase of 13.47%.
Conclusion
In summary, the past week featured a mix of solid economic data and key corporate earnings, reflecting ongoing growth across several sectors. While inflation trends varied by region, job markets in major economies showed resilience. Commodity prices, particularly crude oil, and gold surged even as U.S. equity markets experienced declines. Notable earnings reports highlighted positive momentum in industries such as aviation and lighting, contributing to mixed market sentiment.