Look ahead 8/11/23: Marks & Spencer, Airbus, Bayer, Adidas, Lyft earnings

(Video Transcript)

Dollar gains on euro after weak German data

Hello, I'm Angeline Ong and welcome to your Look Ahead to Wednesday, 8 November 2023. First off, we head to the Euro Zone where we have French trade balance figures, retail data and wholesale inventories.

Taking a look at EUR/USD, it's really very much a dollar story here, as well as last week's rally in riskier currencies, which took a breather. The dollar is gaining on the euro, after weak German data as well and the Aussie dollar after its central bank raised rates, but hinted the hike was perhaps the last in the cycle.

The euro, as you can see there, reacting to those two moves. Also on Tuesday, we saw a larger-than-expected fall in German industrial production in September, which contributed to the euro's weakness.

UK consumers cutting back this Christmas

On the UK front, we've got earnings from Marks & Spencer, an old brand in the retail space and much loved by the older generation still. Marks & Spencer are out with first-half earnings. Perhaps what's key is that in retail, especially in the clothing retail side of things, consumption has been quite weak, especially in the UK.

And this is likely to continue into the Christmas period. According to a survey by Deloitte recently, it showed that almost three in 10 UK consumers plan to spend less in the festive period this year than last year. This is a reflection of the ongoing cost of living crisis, which has been ongoing for the last two years.

In the UK, we've also got ITV out with a Q3 trading statement. And we also have third-quarter numbers from Airbus, Munich Re, Bayer, Comet Bank and Adidas.

One-hundred-year-old ‘House of Mouse’ earnings due

From the US, look out for Q4 earnings from the ‘House of Mouse’, Walt Disney, which has just seen its 100th birthday. And also these Q4 earnings come hot on the heels after the earnings from Uber, which it says indicated higher after strong Q4 core profit forecast.

The company also saying that its fourth-quarter gross bookings should come in between $36,5 billion and $37.5bn. So, we'll be keeping an eye on those stories for you and other market news and events.

For more news and analysis, I'll be back on beat the street at 1.30pm, London time, to give you a heads up to the US trading day. And IGTV's Jeremy Naylor will be back as well at 7.30am on early morning call to do the same ahead of the European market opening. Follow me on Twitter @AngelineOng. This is IGTV.