Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Look ahead 3/11/23: China PMI, US jobs; BMW earnings

After another week driven by earnings, things mostly wind down on Friday. One stock to watch is German automaker BMW. It is reporting third-quarter earnings in the wake of good numbers out from French automaking rival Stellantis.

Video poster image

(Video Transcript Summary)

China’s PMI data shows signs of growth

Jeremy Naylor takes a look at important events and trading ideas to keep an eye on for Friday. Firstly, we are seeing positive signs from China's Caixin Services purchasing managers’ index (PMI), with the expectation of growth in October. This suggests that the Chinese economy is bouncing back, which could have an impact on the Chinese yuan's value against the US dollar.

In Germany, trade numbers indicate a decrease in exports but an increase in imports. This has affected the euro's value against the Japanese yen, with the euro breaking the 160 level. This could put downward pressure on the euro against other currencies as well. The German trade balance for September will give us more insight into this situation.

Private payrolls higher than previous month

The non-farm payrolls data is important because it helps us gauge the health of the job market. The recent private payrolls number showed a slight disappointment but was still stronger than the previous month.

In terms of the ISM services PMI data, the dollar basket is an interesting trade as it has pulled back from the recent Federal Reserve (Fed) decision. Technical analysis suggests a potential market top, so if the dollar basket's support line is broken, it could be a good opportunity for a short trade.

Gaza turmoil could limit supply, raise prices

Oil prices and their relation to inflation are also worth noting. The Baker Hughes rig count will be released, and the West Texas Intermediate (WTI) weekly US crude chart has fallen below an important support line.

Concerns about lower demand for oil have been putting pressure on prices, but there could be potential supply constraints due to the situation in Gaza that may push prices upward.

Can BMW rise above global pressures?

Lastly, we have BMW's earnings for the third quarter. After positive results from Stellantis, it will be interesting to see how BMW performs. Stellantis faced some challenges in the US due to strikes in the auto industry, but BMW's global presence makes it an intriguing stock to watch.

Overall, if US markets perform well and earnings reports for Apple and Coinbase Global are positive, we could end the week on a high note for the market indices.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Start trading forex today

Find opportunity on the world’s most-traded – and most-volatile – financial market.

  • Trade spreads from just 0.6 points on EUR/USD
  • Analyse with clear, fast charts
  • Speculate wherever you are with our intuitive mobile apps

See an FX opportunity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See an FX opportunity?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Get spreads from just 0.6 points on popular pairs
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See an FX opportunity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.