In the week ahead, markets will take in the outcome of the US nonfarm payrolls & unemployment data that was released on Friday and will continue to focus on further predictions of US rate hike in September & December.
US markets will be closed on Monday for Labor Day.
Here are the main economic events for the upcoming week:
- On Monday at 1:45 GMT, China Caixin PMI will be released. The data is expected to remain steady at 51.7.
- UK Services PMI will be released on Monday at 8:30 GMT and forecast to rise to 49.4 from 47.4. The data can shed lights on the UK economy post-Brexit.
- On Monday at 9:00 GMT, July Eurozone Retail Sales will be published. Sales are expected to rise by 0.6% in July compared to 0.0% in the previous month. YoY sales are expected to rise by 2%, an increase from 1.6% in the previous year.
- The RBA (Reserve Bank of Australis) Interest Rate Decision will be published on Tuesday at 4:30 GMT. Rates are expected to remain unchanged at 1.5%. However, keep an eye for any comments from policymakers regarding further changes of Australian economic policy.
- Eurozone third quarter GDP will be released on Tuesday at 9:00 GMT. Expectations for quarterly growth to rise by 0.3% from 0.6%. YoY is expected to rise by 1.6% compared to 1.7% in the previous year.
- On Tuesday at 14:00 GMT, the US ISM Manufacturing PMI will be released and expected to decline slightly to 55 from 55.7.
- Australia Growth Domestic Product(GDP) will be released on Wednesday at 1:30 AM. Growth for the second quarter is expected to rise by 0.7%, a decline from 1.1% while YoY growth falls to 3.00% from 3.1% a year earlier.
- Canada Interest Rate Decision – The BoC will release its rate decision on Wednesday at 14:00 GMT. Rates are forecasted to remain unchanged at 0.5%.
- On Wednesday at 11:50, Japan’s second-quarter GDP is expected to hold at 0.00% compared to 0.5% in the previous quarter. YoY growth is expected to decrease significantly to 0.2% from 2.00%.
- ECB Interest Rate Decision – Markets will focus on this event this week to get hints for European monetary policy. The interest rate is expected to remain unchanged at 0.0%. The ECB conference will attract the market’s attention to see whether further stimulus actions are expected.
- China’s Inflation rate will be released on Friday at 1:30 GMT. MoM CPI is expected to be 0.0%, a decrease from the previous data of 0.2%. YoY forecasts to rise by 1.8% unchanged from the previous month.
- Germany & UK Trade Balance – German balance of trade will be published on Friday at 6:00 GMT and expected to post a surplus of €20.7B compared to €24.9B in June. UK balance of trade will be released at 8:30 GMT and expected to narrow to £4.5B from £5.1B in the previous month.
- Canada Employment Data will be published on Friday at 12:30 GMT. the unemployment change is expected to hold steady at 6.9% while employment change figure is expected to grow by 3200 new jobs compared to July fall of 31,200.