Get ready for another flurry of economic data from the US a day after weak retail sales and industrial production figures caused the market to reassess the risk of recession. The FRB Philadelphia manufacturing index, weekly jobless claims, and December data on US housing starts and building permits issued could shock (or reassure). Procter & Gamble earnings will also serve as a test of the strength of consumer demand. Meanwhile, Alcoa has set a grim tone for the industry. The last major cryptocurrency mess is nearing denouement, as Genesis is reportedly planning to file for bankruptcy. And oil prices fell amid another surge in U.S. inventories, which will offset the China-inspired bullishness seen earlier in the week. Here’s what you need to know about the financial market on Thursday, January 19.

1. ANOTHER FLURRY OF WEAK DATA IS APPROACHING

Another flurry of economic data from the US will follow the numbers that sent the stock market into disarray on Wednesday.

Of greatest significance is likely to be the FRB Philadelphia manufacturing survey, which could confirm a worrying downward movement, as well as the Empire State manufacturing index earlier in the week and a larger-than-expected drop in December industrial production.

In contrast, December housing starts data, at worst, will likely only confirm the familiar downward trend. Even so, the negative mood prevailing after Wednesday’s triple whammy will make it difficult for the weekly jobless claims data to fulfill its usual palliative role. Bad news, it seems, has once again become exactly bad news.

2. GENESIS PREPARES TO FILE FOR BANKRUPTCY

After two months of hanging in the air, the next stone should finally hit the cryptocurrency universe. Genesis, the lending arm of Barry Silbert’s Digital Currency Group, according to Bloomberg and other sources, plans to file for Chapter 11 bankruptcy protection as early as this week.

The move would formally put customers of Gemini’s proprietary lending operation of investment platform, Earn, in line with other Genesis creditors. Who gets paid first will be decided by the court.

Gemini owners Tyler and Cameron Winklevoss claim that Genesis owes Earn customers $900 million.

The Block reported that Silbert is offering Genesis creditors deferred cash payments and a stake in parent group DCG as part of a package to restructure Genesis’ debts. It’s unclear what chances of success this plan has.

3. U.S. STOCK MARKET EXTENDS OPENING LOSSES; FOCUS ON P&G EARNINGS, AND ALCOA DISAPPOINTS

U.S. stock markets will extend opening losses a little later in the day as a string of data on Wednesday led investors to reassess the risk of a sharp decline in earnings this year.

By 06:25 ET, the Dow Jones futures were down 241 points to a two-week low, the S&P futures were down 0.8% and the Nasdaq 100 futures were down 0.9%. All 3 major money indices lost between 1.5% and 2% on Wednesday after December data on retail sales, manufacturing output and producer price inflation came in weaker than expected.

Procter & Gamble’s earnings report, due out early, will provide a check on the level of consumer spending in the U.S., given the breadth of the company’s product lineup. A slowdown in industrial production growth also weighed on Alcoa’s premarket performance after the company reported lower-than-expected earnings amid low aluminum and alumina prices.

4. STRIKES IN EUROPE

Winter discontent in Europe reached new heights Thursday as millions of French workers took to the streets to protest President Emmanuel Macron’s proposals to raise the retirement age from 62 to 64.

In addition to trains, schools and local government, workers are striking at the country’s oil refineries, which is likely to have an indirect impact not only on labor productivity in France this month but also on inflation.

Meanwhile in the UK, health unions said ambulance staff will strike 4 more times over the next 3 months, while talks between the government and unions to prevent further strikes by train drivers and teachers also failed.

5. CRUDE OIL DOWN AMID WEAKENING DEMAND OUTLOOK; EIA FORECASTS ANOTHER RISE IN US INVENTORIES

Crude oil prices recouped all of the week’s gains in response to data from the US on Wednesday that presented the demand outlook from the world’s largest economy in a whole new light.

By 06:40 ET, WTI was back below $80 per barrel, down 0.7% to $79.23, while Brent was also down 0.5% to $84.52 per barrel.

Prices also fell due to new estimates from the International Energy Agency that Russia continues to produce about 11 million barrels a day despite the increasingly higher discounts it is forced to make on its main export blend Urals.

Energy Intelligence reported that one cargo of Urals was bought for $37.90 a barrel in the past few days, indicating a lack of buyers in the West.

The U.S. government’s weekly inventory data is due out at 11:00 a.m. ET, a day later than usual because of the Martin Luther King holiday. Last week, the American Petroleum Institute reported another 7.6 million barrel increase in crude oil inventories, bringing the total increase over the past 3 weeks to 25 million barrels.