Scotiabank reports cautious market sentiment as investors await delayed US January payroll data, noting that trade policy uncertainty is severely dampening hiring.
Key Takeaways
- 1.Markets are exhibiting cautious behavior ahead of the delayed US January nonfarm payrolls report.
- 2.Policy uncertainty and tariffs are identified as the primary drivers suppressing US job growth since April 2025.
- 3.Rumors regarding a potential US withdrawal from USMCA are viewed as a tactical negotiating ploy rather than a credible threat.
Table of Contents
- Contributors
- On Deck for Wednesday, February 11th
- KEY POINTS:
- PAYROLLS—EXPECTATIONS AND POLICY DRIVERS
- OTHER DEVELOPMENTS
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Authors
Derek Holt
Securities
SPXCLXAUS&P/TSX
Themes
Policy UncertaintyTrade Protectionism
Regions
North AmericaAsia PacificEuropeUnited StatesCanadaChina