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Quiet markets ahead of key risk from US jobs
Markets started the week quietly and with slight risk aversion, giving the yen strength due to safe haven flows. The economic calendar this eek is quite busy though and the main highlight will will be US jobs data on Friday. The all-important non-farm payrolls report is expected to show and increase by 203,000 jobs according to some economists’ forecasts. It is also likely that August’s figure of a 173,000 increase will get revised higher. Further improvements in the US labor market would clearly be arguments for an imminent rate hike by the Federal Reserve.
But before Friday’s data, the focus on Monday will be on Germany, where import price data are published. Personal income and pending home sales figures are meanwhile issued in the US later.
On Tuesday, the European Commission releases economic sentiment data for the currency union. Focus will then be on Germany and Spain which both releases consumer price numbers.
House price information and mortgage approvals data are meanwhile issued in the UK.
From North America we will see producer price figures out of Canada and consumer confidence data published by the US Conference Board publishes, while S&P/Case-Shiller home prices are also updated.
First out on Wednesday will be building permit and private sector credit data from Australia. Then Japan releases industrial output figures and housing starts numbers.
Unemployment and consumer price data are meanwhile issued for the Eurozone.
The UK sees the final release of second quarter GDP numbers, while monthly GDP figures are issued in Canada.
Private jobs data by ADP are updated in the US.
On Thursday focus will be on manufacturing PMI data worldwide.
Important data from Japan come in the form of the latest Bank of Japan Tankan business sentiment survey.
The US sees the release of initial jobless claims numbers.
Friday is a big day as the US nonfarm payrolls report will be out. But first, in Australia, retail sales numbers are published followed by Japan’s unemployment and household spending data.
Eurozone producer price figures are then released along with the Markit/CIPS UK Construction PMI.
NFP the closes the week.
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