Bloomberg Daybreak: Europe Edition Daybreak Weekend: US Jobs, Winter Olympics, Japan Election
16 snips
Jan 31, 2026 
James McIntyre, Bloomberg economist for Australia and New Zealand, on hotter-than-expected Australian inflation and RBA choices. Paul Jackson, EcoGov editor for Japan/Koreas, on the snap Japanese election and fiscal and defense stakes. Tommaso Ebhart, Milan bureau chief, on Milano Cortina 2026 logistics and economic boost. Michael McKee, international economics correspondent, on US labor data and Fed implications. Mandeep Singh, tech research head, on big tech earnings, cloud growth and chip dynamics.
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U.S. Labor Market Is Stabilizing
- January's nonfarm payrolls should show continued low-hire, low-fire dynamics with unemployment steady around 4.4%.
- Economists forecast about 70,000 payrolls for January, a modest uptick from December's 50,000.
Focus On Cloud Momentum, Not Just Growth Rates
- Look for sequential acceleration in cloud growth when evaluating big-tech earnings, not just headline rates.
- Favor firms showing better AI infrastructure efficiency like Google with TPUs and strong cloud deal wins.
TPUs Give Google An Efficiency Edge
- Google may report stronger cloud margins because TPUs reduce AI infrastructure constraints versus GPU-limited rivals.
- That efficiency could translate into better gross margins among hyperscalers.