Bloomberg Daybreak: Asia Edition US Labor Market Data to Come Thursday, Japan GDP, Outlook for EM
Nov 17, 2025
Chris Maxey, Managing Director at Wealthspire Advisors, shares insights on how US labor market data could sway the Fed's decisions, emphasizing the delicate balance between inflation and job growth. Meanwhile, Trinh Nguyen, an Emerging Markets economist at Natixis, outlines a cautious outlook for EM Asia, highlighting fiscal challenges and concerns over export slowdowns. Their discussion touches on how Nvidia's earnings might impact global markets and potential ramifications for emerging economies in 2026.
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Nvidia As A Bellwether For AI Demand
- Nvidia's earnings are a key test for AI demand sustainability and could trigger broad rotation if guidance disappoints.
- Chris Maxey warns weak guidance would hit related Asian equities like TSMC due to close correlations.
Labor Data Will Drive Fed Timing
- Upcoming US jobs data (weekly claims and September payrolls) will heavily influence Fed timing and market expectations for December cuts.
- Chris Maxey expects some positive payroll growth but warns layoffs have not yet accelerated enough to force Fed action.
Inflation Focus May Outpace Labor Weakness
- The Fed is prioritizing inflation, but labor may weaken before inflation meaningfully falls toward 2%.
- Maxey highlights political pressure and policy moves aimed at lowering cost of living ahead of elections.