Group 1 - The core viewpoint indicates that despite delays in data collection due to government shutdowns, the labor market trends are expected to gradually normalize rather than collapse, which may alleviate investor concerns about a rapid deterioration in labor market conditions [1] - The U.S. economy added 119,000 jobs in the month, with a balanced distribution of job growth, and the diffusion index significantly rose to 55.6, marking the first time it exceeded the breakeven point of 50 since March [1] - Overall, U.S. consumers remain cautious but have not shown signs of a consumption decline, suggesting positive news for the upcoming holiday shopping season [1] Group 2 - Approximately 95% of S&P 500 companies have reported third-quarter earnings, with a year-over-year EPS growth of 13.4% and revenue growth of 8.4% [2] - European stock markets declined, with the Eurozone's November PMI preliminary data highlighting uneven economic momentum, as manufacturing fell into contraction while services remained in expansion [2] - In the Asia-Pacific region, stock markets experienced significant declines, with the MSCI Asia-Pacific index (excluding Japan) dropping 2.6%, marking the largest weekly decline since April, driven by weak performance in technology stocks [2]

Core Viewpoint - The Euro is trading lower against the US Dollar, currently around 1.18, as the market digests mixed PMI data and focuses on the future policy direction of the European Central Bank (ECB) [1] Group 1: Economic Indicators - The HCOB Eurozone Composite PMI rose slightly to 51.2, matching expectations of 51.1, indicating the fastest expansion in the private sector in 16 months [1] - Service sector growth exceeded expectations, while the manufacturing sector returned to contraction, underperforming forecasts [1] - France's data was disappointing, whereas Germany outperformed market expectations [1] Group 2: Central Bank Policy - The ECB has recently indicated that the rate-cutting cycle may be over, highlighting ongoing inflation risks related to tariffs, services, food prices, and fiscal policies [1] - Market attention is shifting towards upcoming speeches from ECB and Federal Reserve officials for further guidance [1] Group 3: Technical Analysis - The Euro to Dollar Bollinger Bands show a middle band at 1.1685, upper band at 1.1780, and lower band at 1.1591, with the current price at 1.1792 slightly above the upper band [2] - A further breakout could target the upper wave high of 1.1829 and the psychological level of 1.1900 [2] - The MACD indicates a positive but not overheated momentum, with DIFF at 0.0030, DEA at 0.0021, and a column at 0.0018, all above the zero axis [2]

Core Viewpoint - Eurozone PMI preliminary data shows mixed results, with manufacturing unexpectedly contracting while service sector activity accelerates, leading to a rebound in the euro against the dollar [1][3] Group 1: Eurozone PMI Data - Eurozone's September PMI preliminary data indicates a manufacturing PMI drop from 50.7 to 49.5, contrary to expectations of an increase to 50.9, while service PMI rose to 51.4, exceeding the forecast of 50.5 [3] - Germany's manufacturing PMI fell from 49.8 to 48.5, below the expected rise to 50.0, while service PMI improved from 49.3 to 52.5, surpassing the anticipated 49.5 [3] - France's manufacturing PMI decreased from 50.4 to 48.1, the lowest in three months and significantly below the expected 50.2, with service PMI also declining from 49.8 to 48.9, missing the forecast of 49.6 [3] Group 2: Market Reactions and Expectations - The euro is attempting to recover above 1.1800 after rebounding from a low of 1.1785, supported by the mixed Eurozone data, but market sentiment remains cautious ahead of the US PMI data and Fed Chair Powell's speech [1][4] - The focus is on the upcoming US PMI preliminary data, with expectations for manufacturing PMI to drop from 53 to 52 and service PMI to decrease from 54.5 to 53.9 [3] - The dollar has weakened due to dovish comments from several Fed officials, with concerns about the current monetary policy being too tight [3][4]