Publication date: March 2, 2025

The week ahead: jobs figures, US and ECB interest rate decision

In Money Care's weekend bulletin, we present the overview of the listed companies that will release figures in the coming week. In addition, you will find the weekly overview of macroeconomic events that could cause movement on the stock exchanges.

Today we would like to explain two events so that you are extra well prepared.

On Thursday, Air France-KLM will release its fourth-quarter 2024 figures.

In the third quarter of 2024, the airline reported an operating profit of €1.18 billion, down from the €1.34 billion in the same quarter of the previous year. The decline was partly due to higher costs and decreased bookings to Paris during the Olympics.

For the fourth quarter of 2024, analysts have revised their expectations downward, taking into account continued cost increases and operational challenges within the group. Exact forecasts vary, but financial performance is widely expected to remain under pressure from factors such as rising fuel prices, higher operating costs and possible further disruptions in the airline industry.

Despite lower analyst expectations, Air France-KLM's share price has jumped from €6.95 to €8.88 since Jan. 15. This is 27% in six weeks!

Investors seemingly expect the numbers to be better than bank analysts expect. We also wrote in our article of June 28, 2024 that the price between €6 and €8 gives opportunities for a speculative recovery to €11.
Click here for the entire article.
The Air France-KLM share price has gone deep, taking the first step of recovery in recent weeks.


On Friday, the monthly labor figures from the USwill be published again . The US system of central banks (FED) looks closely at these figures to determine its interest rate policy in order to control inflation. Currently, inflation is still too high in the U.S. and there are fears of inflation increasing because of President Trump's policies. If the labor market develops better than expected then that could fuel inflation and the Fed will not cut interest rates further for now.

Expectations for labor figures are not high this month. Expectations are for an increase of 133,000 jobs, an increase in hourly earnings of 0.3% and an unchanged unemployment rate of 4. In particular, the first two expectations are lower than average so it could just go higher. As a result, we should be vigilant on a possible drop in stock prices due to the better-than-expected labor figures from the US.

The stock market agenda:

• Retail sales (January)
• Inflation (preliminary, February)
• Purchasing managers' index for manufacturing (February)

• Inflation (preliminary, February)
• Purchasing managers' index of manufacturing (February, final)

• Industrial Purchasing Managers' Index ISM (February)
• Construction spending (January)

• Nedap - Figures Q4
• TKH Group - Figures Q4

• Best Buy (US) - Figures Q4
• Campbell's (US) - Figures Q2

• Unemployment (January)

• MCD - Figures Q4

• Adidas (Germany) - Figures Q4
• Bayer (Germany) - Figures Q4
• Foot Locker (US) - Figures Q4
• Campbell's (USA) - Figures Q2

• Services purchasing managers index (February, final)

• Purchasing managers index services Caixin (February)

• Industrial production (January)

• Purchasing managers' index services (February, final)
• Producer prices (January)

• ADP jobs report (February)
• Purchasing managers index services ISM (February, final)
• Factory orders (January)
• Beige Book publication by the Federal Reserve

• Air France-KLM - Figures Q4
• Eurocommercial Properties - Figures Q4

• Deutsche Lufthansa (Germany) - Figures Q4
• Deutsche Post (Germany) - Figures Q4
• Merck KGaA (Germany) - Figures Q4
• Zalando (Germany) - Figures Q4
• Kroger (US) - Figures Q4
• Macy's (US) - Figures Q4
• JD.com (China) - Figures Q4
• Broadcom (US) - Figures Q1

• Retail sales (January)
• European Central Bank interest rate decision

• Weekly aid applications
• Trade balance (January)
• Labor costs (Q4, final)

• Employment report (February)

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.