On the U.S. economic calendar this week the December jobs report due out on Friday is the major release of the week, with the consensus forecast for a slowdown in nonfarm payroll growth (~160,000, down from +266,000 in November) and a steady unemployment rate at 3.5 percent.
Other U.S. releases on the calendar this week will cover trade, factory orders, consumer credit, and wholesale inventories. Overseas, the Middle East remains in focus amid escalating tensions between the U.S. and Iran that has prompted a shift in investor risk appetites. In Europe, Germany reports on retail sales, trade, manufacturing orders, and industrial production. Last but not least, the Financial Times reports “The UK parliament kicks off three days of debate on Prime Minister Boris Johnson’s Brexit deal… With the Tories’ 80-seat majority, the bill’s passage is a near certainty.” Have a great week and don’t miss next week’s Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights.