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

Detailed Overview of Economic Events and Corporate Earnings 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 is shaping up to be a busy news day 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 dynamics of Germany's industrial production will reflect the health of the Eurozone's manufacturing sector. The key driver of the day will be the release of the December U.S. labor market report (Nonfarm Payrolls), which could significantly impact expectations regarding Fed policy and investor sentiment. Additionally, consumer sentiment and construction activity data will be released in the U.S. On the corporate side, the new earnings season kicks off with several major companies from the U.S., Europe, and Asia presenting their results, providing the first benchmarks for business profitability at the beginning of 2026. It is crucial for investors to assess these diverse data points in aggregate, tracking their 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 Sentiment Index (January, preliminary).
9. 21:00 — U.S.: Baker Hughes Report on Active Drilling Rigs.

What to Watch in U.S. Nonfarm Payrolls

• Job creation rates and unemployment trends are primary indicators for the Fed. A surprisingly strong hiring growth will enhance expectations for further policy tightening (pressure on bonds and stocks), while weak data will have the opposite effect, easing market sentiments.
• Growth in average hourly earnings is a key indicator of inflationary pressures from the labor market. An acceleration in worker income could alarm markets and heighten hawkish sentiments, whereas a slowdown in wage growth will support hopes for a pause in interest rate hikes.
• Market reaction: Treasury yields and the dollar exchange rate will react sensitively to the U.S. report. Rising yields typically exert pressure on high-tech stocks and gold, whereas a weak release could weaken the dollar and provide momentum for 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 reduced demand from China.
• Brazil: Annual inflation slowed to around the target of 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 more easing of monetary conditions in Brazil. This data is important for investors in emerging markets (EM), as it affects bond and currency valuations in the region.

Europe: Germany's Industry Under Scrutiny

• Germany: The dynamics of industrial production for November will reflect the state of the crucial manufacturing sector for Europe. A continued downturn will signal ongoing difficulties in German exports (automotive, machinery), while an unexpected increase may indicate a gradual stabilization in the largest economy in the Eurozone.
• Market Impact: Strong data from Germany will support the euro and stocks of cyclical companies (DAX, Euro Stoxx 50). Conversely, disappointing statistics may intensify pessimistic sentiments in European markets: investors could shift toward safe-haven assets, and expectations for the ECB may turn more dovish.

U.S.: Housing Market and Consumer Confidence

• New residential construction: Housing Starts data (even published with a delay) reflect activity in the U.S. real estate market. Weak new home permit data may indicate the influence of high Fed rates on the construction sector, while an increase in this metric will suggest sustained demand for housing despite expensive loans.
• Consumer sentiment: The preliminary consumer confidence index from the University of Michigan for January will show household mood at the start of the year. A rise in the indicator and a decrease in inflation expectations will strengthen confidence in the resilience of consumer spending, while a decline in sentiment may signal risks for retail sales and the overall economy.

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

• Constellation Brands (STZ) — American alcoholic beverage manufacturer. Focus: growth in beer segment sales amid increased holiday demand, operational margin dynamics, and updated guidance for the financial year (reflecting cost inflation and consumer trends).
• Walgreens Boots Alliance (WBA) — largest pharmacy chain (Dow Jones index). Key factors: comparable sales in the U.S. and the U.K. during the holiday quarter, progress on cost-cutting programs, and pharmacy business optimization. Investors will assess the retail margin for pharmaceuticals and management's comments on the outlook for 2026.
• TSMC (TSM) — Taiwanese semiconductor giant, reporting revenue data for December. These numbers essentially forecast Q4 results: sales growth will indicate a recovery in global chip demand (AI, automotive, electronics), while a decline in sales will heighten concerns about a slowdown in the technology cycle.
• J Sainsbury (SBRY.L) — one of the leading British retail chains. Will present results for the Christmas quarter (Q3). Attention: dynamics of comparable store sales in food categories, inflationary effects on purchasing patterns, and potential adjustments to the profit forecast for the year following the holidays.
• Yaskawa Electric (6506.T) — Japanese leader in robotics and industrial automation. Reporting for the 3rd quarter of the 2025 financial year. Important metrics: volume of new orders for robotic systems (especially from automotive and electronics), business profitability, and any changes to the annual forecast. Yaskawa's results will set the tone for the Asian technology sector.

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

• Major corporations are not scheduled to release results after market close on January 9. Only a few small and mid-cap companies will present their quarterly earnings (e.g., Anixa Biosciences in biotechnology, RCI Hospitality in entertainment), but their results are unlikely to impact the broad market.

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

• Euro Stoxx 50: On January 9, there are no significant earnings releases among key Eurozone companies; thus, macro news and external factors will set the tone for European markets. Investors are closely monitoring the reaction to statistics from the U.S. and China, as well as the first trading reports from British retailers (e.g., Sainsbury’s) to assess consumer demand in the region.
• Nikkei 225 / Japan: Tokyo is entering the quarterly earnings season. Reports from companies like Yaskawa Electric and other manufacturers provide early signals for the Japanese market. Strong results will support the Nikkei 225, particularly for technology and industrial sector stocks, while weak earnings may heighten investor caution. Additionally, the yen exchange rate and the Bank of Japan's policy remain background factors for the index's dynamics.
• MOEX / Russia: Following the New Year holidays, the Russian market is resuming activity, but there are no significant corporate earnings reports scheduled for January 9. The peak for large Russian issuers' annual financial reporting traditionally falls in February-March. Thus, in the short term, the Moscow Exchange is primarily guided by external signals — oil prices, global risk appetite, and currency dynamics.

Summary of the Day: Points of Interest for Investors

• 1) U.S. Labor Market: December's Nonfarm Payrolls (along with the unemployment rate) are the main trigger for the markets. Special attention is paid to wage growth; an overheated labor market may lead to rising yields and pressure on stocks. It would not be surprising if indices and currencies experience sharp fluctuations following the report's release.
• 2) Inflation Trends: Data from China and Brazil help evaluate global price pressures. Low CPI in China reinforces a dovish outlook, while moderate inflation in Brazil confirms the controllability of the situation in emerging markets.
• 3) Europe: Statistics from Germany will clarify how confidently the European Union is entering the new year. Improvement in indicators will support the Euro Stoxx 50 and the EUR exchange rate, while weakness will strengthen expectations for ECB policy easing.
• 4) Corporate Earnings: Results from Constellation Brands, Walgreens, Sainsbury’s (and other day reports) will provide insights into demand and margins across various sectors – from consumer goods to retail. Additionally, the data from technology firms in Asia (e.g., TSMC) may shift investor focus from macroeconomic trends to corporate stories within specific industries.
• 5) Risk Management: The day is packed with events, and volatility spikes are possible. It is advisable to set risk levels in advance and use limit orders and hedging tools to protect the portfolio.