Economic Events and Corporate Reports — Friday, January 9, 2026 US Nonfarm Payrolls, Inflation in China and Germany

A Comprehensive Review of Economic Events and Corporate Reports for 9 January 2026: US Nonfarm Payrolls, Inflation in China and Brazil, Consumer Sentiment in the US, and Corporate Results from the US, Europe, Asia, and Russia

Friday promises to be a significant day of news for global markets: in Asia, attention will be focused on inflation data from China, indicating the state of domestic demand in the country. In Europe, the dynamics of Germany’s industrial production will reflect the health of the Eurozone’s manufacturing sector. However, the key driver of the day will be the publication of the US labour market report for December (Nonfarm Payrolls), which may considerably influence expectations regarding Federal Reserve policy and investor sentiment. Furthermore, consumer sentiment indicators and housing activity data in the US will be released. On the corporate side, the new earnings season begins: a number of large companies from the US, Europe, and Asia will present their results, providing initial benchmarks for business profitability at the start of 2026. Investors will need to assess this diverse data holistically, observing the interconnections: US labour market ↔ Federal Reserve policy ↔ bond yields ↔ stock and commodity dynamics.

Macroeconomic Calendar (MSK)

1. 04:30 — China: Consumer Price Index (CPI) for December.
2. 10:00 — Germany: Industrial Production for November.
3. 15:00 — Brazil: Consumer Price Index (CPI) for December.
4. 16:30 — US: Nonfarm Payrolls (December).
5. 16:30 — US: Unemployment Rate (December).
6. 16:30 — US: Housing Starts for October.
7. 18:00 — US: Consumer Inflation Expectations (January, preliminary).
8. 18:00 — US: University of Michigan Consumer Sentiment Index (January, preliminary).
9. 21:00 — US: Baker Hughes Report on Active Drilling Rigs.

What to Watch in US Nonfarm Payrolls

• The pace of job creation and the dynamics of unemployment will serve as the main guide for the Federal Reserve. An unexpectedly strong increase in hiring will bolster expectations for further tightening of policy (pressuring bonds and equities), while weak data will conversely ease market sentiment.
• The growth rate of average hourly earnings will be key in indicating inflationary pressure from the labour market. An acceleration in wages may alarm markets and intensify hawkish sentiments, while a slowdown in wage growth will support hopes for a pause in interest rate hikes.
• Market reaction: Treasury yields and the dollar are likely to react sensitively to the US report. Rising yields typically exert pressure on high-tech stocks and gold, while a weak release may weaken the dollar, providing momentum to equity indices.

Inflation in China and Brazil

• China: CPI dynamics near zero indicate weak domestic demand. December’s data will reveal whether deflation risks persist in the Chinese economy. Low inflation increases expectations for further stimulus measures from the People’s Bank of China and influences commodity markets through potential demand reductions from China.
• Brazil: Year-on-year inflation at the end of 2025 slowed to around the target of 4% due to the Central Bank's tight policy. Another CPI decrease in December paves the way for further easing of monetary conditions in Brazil. This data is vital for investors in emerging markets (EM) as it affects regional bond and currency rates.

Europe: Germany’s Industry Under Scrutiny

• Germany: The dynamics of industrial production for November will reflect the condition of the key manufacturing sector in Europe. Continued decline will signal ongoing challenges in German exports (autos, machinery), while unexpected growth may indicate a gradual stabilisation of the Eurozone’s largest economy.
• Market impact: Strong data from Germany will support the euro and the shares of cyclical companies (DAX, Euro Stoxx 50). Conversely, disappointing statistics could amplify pessimistic sentiment in European markets: investors may shift to defensive assets, and expectations from the ECB may soften.

US: Housing Market and Consumer Confidence

• New residential construction: The Housing Starts data (even released with a delay) reflect activity in the US real estate market. Weak new housing starts may indicate the impact of high Federal Reserve rates on the construction sector, while growth in this indicator will suggest sustained demand for housing despite expensive loans.
• Consumer sentiment: The preliminary consumer sentiment index from the University of Michigan for January will illustrate household attitudes at the start of the year. An increase in the index and a decrease in inflation expectations will bolster confidence in consumer spending, while a decline in sentiment may signal risks for retail sales and the economy as a whole.

Earnings Reports: Before Market Open (BMO, US, Europe, and Asia)

• Constellation Brands (STZ) — US alcohol manufacturer. Key focus: growth of beer segment sales amid increased holiday demand, operational margin trends, and updated forecast for the financial year (considering cost inflation and consumer trends).
• Walgreens Boots Alliance (WBA) — largest pharmacy chain (Dow Jones index). Essential: comparable sales in the US and the UK for the holiday quarter, progress in cost-cutting and pharmacy business optimisation programmes. Investors will evaluate pharmacy retail margins and management's commentary on prospects for 2026.
• TSMC (TSM) — Taiwanese semiconductor giant reporting revenue for December. These figures effectively precede Q4 results: sales growth will indicate a resurgence in global chip demand (AI, auto, electronics), while a sales decline will heighten concerns about a slowing tech cycle.
• J Sainsbury (SBRY.L) — one of the leading UK retail chains. Results for the Christmas quarter (Q3) will be presented. Attention: comparable sales dynamics in food categories, inflation’s effect on shopping patterns, and potential adjustments to the profit forecast for the year following the holiday season.
• Yaskawa Electric (6506.T) — Japanese leader in robotics and industrial automation. Reporting for Q3 of the 2025 financial year. Key metrics: volume of new orders for robotic systems (particularly from the automotive and electronics sectors), business profitability, and any updates to the annual forecast. Yaskawa's results will set the tone for the Asian technology sector.

Earnings Reports: After Market Close (AMC, US)

• No major corporations are scheduled to report after market close on 9 January. Only a few small- and mid-cap companies will present their quarterly reports (such as Anixa Biosciences in biotechnology, RCI Hospitality in entertainment), though their results are unlikely to impact the broader market.

Other Regions and Indices: Euro Stoxx 50, Nikkei 225, MOEX

• Euro Stoxx 50: As of 9 January, there are no significant earnings releases from key Eurozone companies, so European platforms will be influenced by macro news and external factors. Investors are monitoring reactions to statistics from the US and China, as well as early trading reports from British retailers (e.g., Sainsbury’s) to gauge consumer demand in the region.
• Nikkei 225 / Japan: The quarterly earnings season begins in Tokyo. Publications from companies like Yaskawa Electric and others will provide early signals for the Japanese market. Strong results will support the Nikkei 225, particularly in technology and industrial sector stocks, while weak results may amplify investor caution. Additionally, the yen's value and the Bank of Japan's policy remain background factors for index dynamics.
• MOEX / Russia: Following the New Year holidays, the Russian market returns to activity, but there are no significant corporate earnings scheduled for 9 January. The peak for financial reporting by major Russian issuers typically falls in February-March. Thus, in the short term, the Moscow Exchange is primarily focused on external signals — oil prices, global risk appetite, and currency dynamics.

Day’s Summary: What Investors Should Focus On

• 1) US Labour Market: The December Nonfarm Payrolls report (alongside the unemployment rate) is the primary trigger for the markets today. Special focus will be on wage growth; an overheated labour market may lead to rising yields and pressure on equity markets. It would not be surprising if the report leads to sharp fluctuations in indices and currencies.
• 2) Inflation Trends: Data from China and Brazil allow for an assessment of global price pressures. Low CPI in China enhances dovish sentiment, while moderate inflation in Brazil confirms that the situation is under control in emerging markets.
• 3) Europe: Statistics from Germany will clarify how confidently the EU is entering the new year. Improvement in indicators will support Euro Stoxx 50 and the EUR rate, while weakness will heighten expectations for an easing of ECB policy.
• 4) Corporate Reports: Results from Constellation Brands, Walgreens, Sainsbury’s, and other reports from the day will provide insight into demand and margins across various sectors — from consumer goods to retail. Additionally, data from tech companies in Asia (like TSMC) could shift investor focus from macroeconomics to specific sector stories.
• 5) Risk Management: The day is loaded with events, and volatility spikes are possible. It is advisable to pre-set risk levels and use limit orders and hedging tools to protect portfolios.