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

In-depth Review of Economic Events and Corporate Reporting on January 9, 2026: U.S. Nonfarm Payrolls, Inflation in China and Brazil, U.S. Consumer Sentiment, and Corporate Results from the U.S., Europe, Asia, and Russia.

Friday sets a busy news backdrop for global markets: in Asia, attention is focused on inflation data from China, which will indicate the state of domestic demand in the country. In Europe, the focus shifts to Germany's industrial production dynamics, which reflect the health of the Eurozone's manufacturing sector. However, the key driver of the day will be the release of the December U.S. labor market report (Nonfarm Payrolls), which could significantly affect expectations regarding Fed policy and investor sentiment. Additionally, data on consumer sentiment and housing activity in the U.S. will be released. On the corporate front, the new earnings reporting season kicks off, with several major companies from the U.S., Europe, and Asia presenting their results, providing initial guidance on business profitability at the start of 2026. Investors will need to evaluate these diverse data points in tandem, tracking the interconnections: U.S. labor market ↔ Fed 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 — U.S.: Nonfarm Payrolls (December).
5. 16:30 — U.S.: Unemployment Rate (December).
6. 16:30 — U.S.: Housing Starts for October.
7. 18:00 — U.S.: Consumer Inflation Expectations (January, preliminary).
8. 18:00 — U.S.: University of Michigan Consumer Confidence Index (January, preliminary).
9. 21:00 — U.S.: Baker Hughes report on active drilling rigs.

What to Watch in U.S. Nonfarm Payrolls

• The job creation pace and unemployment dynamics are the main indicators for the Fed. A surprisingly strong hiring growth will elevate expectations for further tightening of policy (putting pressure on bonds and stocks), while weak data may soften market sentiments.
• Average hourly wage growth is a critical indicator of inflationary pressure from the labor market. Accelerating worker incomes could alarm the markets and amplify hawkish sentiments, whereas a slowdown in wage growth might support hopes for a pause in rate hikes.
• Market reactions: Treasury yields and the dollar exchange rate will respond sensitively to the U.S. report. Rising yields typically pressure high-tech stocks and gold, while a weak release could weaken the dollar and give a boost to stock indices.

Inflation in China and Brazil

• China: CPI dynamics near zero indicate weak domestic demand. December data will reveal whether deflation risks persist in the Chinese economy. Low inflation heightens expectations for additional stimulus measures from the People's Bank of China and influences commodity markets through potential demand reductions from China.
• Brazil: Yearly inflation slowed to around the targeted 4% by the end of 2025 due to the Central Bank's stringent policies. A further decline in CPI in December paves the way for additional easing of monetary conditions in Brazil. This data is vital for investors in emerging markets (EM) as it affects bond prices and currency valuations in the region.

Europe: Germany's Industry Under Scrutiny

• Germany: November industrial production dynamics will reflect the state of the critical manufacturing sector for Europe. A continued downturn will signal ongoing difficulties in German exports (automotive, machinery), while an unexpected uptick may indicate gradual stabilization of the Eurozone's largest economy.
• Market impact: Strong data from Germany will support the euro's exchange rate and the stocks of cyclical companies (DAX, Euro Stoxx 50). Conversely, disappointing statistics may amplify pessimistic sentiments in European markets: investors might shift to defensive assets, and expectations from the ECB could become more dovish.

U.S.: Housing Market and Consumer Confidence

• New residential construction: Housing Starts data (even when released with a delay) reflect activity in the U.S. real estate market. Weak new home permit data may signify the impact of high Fed rates on the construction sector, while growth in this metric will indicate sustained housing demand despite expensive credits.
• Consumer sentiment: The preliminary consumer confidence index from the University of Michigan for January will indicate household sentiment at the start of the year. An increase in the index and a decline in inflation expectations could reinforce confidence in consumer spending sustainability, whereas a drop in sentiment may signal risks for retail sales and the economy overall.

Earnings Reports: Before Market Open (BMO, U.S., Europe, and Asia)

• Constellation Brands (STZ) — American alcohol producer. Focus: beer segment sales growth amid increased demand during holidays, operating margin dynamics, and updated financial year forecasts (considering cost inflation and consumer trends).
• Walgreens Boots Alliance (WBA) — largest pharmacy chain (Dow Jones index). Key aspects: comparable sales in the U.S. and the UK for the holiday quarter, progress in the cost-cutting and pharmacy business optimization program. Investors will assess retail drug margin and management comments on the outlook for 2026.
• TSMC (TSM) — Taiwanese semiconductor giant reporting revenue data for December. These figures will effectively prelude Q4 results: sales growth will indicate a recovery in global chip demand (AI, automotive, electronics), whereas sales decline will heighten concerns about slowing technological cycles.
• J Sainsbury (SBRY.L) — one of the leading British retail chains. Will present results for the Christmas quarter (Q3). Attention: comparable store sales momentum in grocery categories, inflationary effects on purchasing patterns, and potential profit forecast adjustments for the year following the holidays.
• Yaskawa Electric (6506.T) — Japanese leader in robotics and industrial automation. Reporting for the third quarter of the 2025 financial year. Key metrics: order volume for robotic systems (particularly from automotive and electronics sectors), business profitability, and any forecast changes for the year. Yaskawa's results will set the tone for the Asian tech sector.

Earnings Reports: After Market Close (AMC, U.S.)

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

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

• Euro Stoxx 50: As of January 9, there are no significant earnings releases from key Eurozone companies, so European markets will be influenced by macro news and external factors. Investors are closely watching reactions to statistics from the U.S. and China, as well as the initial trading reports from British retailers (such as Sainsbury’s) to gauge consumer demand in the region.
• Nikkei 225 / Japan: The Tokyo quarterly earnings season begins. Publications from companies like Yaskawa Electric and others will provide early signals for the Japanese market. Strong results will support the Nikkei 225, especially tech and industrial sector stocks, while weak results may heighten investor caution. Additionally, the yen's exchange rate and Bank of Japan policies remain background factors for the index's dynamics.
• MOEX / Russia: After the New Year holidays, the Russian market resumes activity, but there are no significant corporate earnings reports scheduled for January 9. The peak of annual financial reporting from major Russian issuers traditionally occurs 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 Pay Attention To

• 1) U.S. Labor Market: December Nonfarm Payrolls (along with the unemployment rate) are the day’s main trigger for the markets. Special focus on wage growth; an overheated labor market could lead to rising yields and pressure on stocks. It is not surprising if, following the report's release, indices and currencies experience sharp fluctuations.
• 2) Inflation Trends: Data from China and Brazil allows for an assessment of global price pressure. A low CPI in China strengthens dovish sentiment, whereas moderate inflation in Brazil confirms the controllability of the situation in emerging markets.
• 3) Europe: German statistics will clarify how confidently the European Union enters the new year. Improved indicators will support Euro Stoxx 50 and euro valuations, while weakness will amplify expectations for ECB policy easing.
• 4) Corporate Earnings: Results from Constellation Brands, Walgreens, Sainsbury’s (and other reports of the day) will provide information about demand and margin conditions across various sectors—from consumer goods to retail. Additionally, data from tech companies in Asia (such as TSMC) could shift investor focus from macroeconomic factors to corporate stories within specific industries.
• 5) Risk Management: The day is overloaded with events, with potential spikes in volatility. It is advisable to predefine risk levels and utilize limit orders and hedging tools to protect the portfolio.