Thu Jan 16 13:20:00 UTC 2025: **US Economic Data and Bessent Hearing to Dominate Quiet European Trading Session**

NEW YORK – The European trading session will be relatively quiet today, with no major market-moving data releases expected. All eyes will be on the US markets this afternoon, however, where several key economic indicators and a Senate confirmation hearing will shape trading activity.

The most closely watched data will be the weekly US Jobless Claims, offering a timely snapshot of the labor market. Initial Claims are forecast at 210,000 (compared to 201,000 the previous week), while Continuing Claims are projected at 1,871,000 (compared to 1,867,000). These figures remain within ranges established since 2022, although Continuing Claims show some recent easing.

Also crucial will be the release of US Retail Sales data. Month-over-month growth is expected at 0.6% (down from 0.7% previously), while the ex-Autos figure is anticipated at 0.4% (up from 0.2%). Analysts will focus particularly on the Control Group figure, which is expected to remain at 0.4%. Current projections reflect a stable consumer spending environment, supported by positive real wage growth and a resilient labor market, coupled with improving consumer sentiment.

Adding to the afternoon’s significance, Scott Bessent’s confirmation hearing before the Senate is scheduled for 15:30 GMT/10:30 ET. The hearing’s impact on markets remains to be seen.

*Disclaimer: This news article provides market commentary and does not constitute investment advice. Readers are advised to conduct their own research and seek professional advice before making any investment decisions.*

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