Markets: What to look out for this week? – Deutsche Bank

Analysts at Deutsche Bank point out that kicking off the week on Monday will be the release of the final August manufacturing PMIs in the Eurozone and UK.

Key Quotes

“August CPI data in Turkey is likely to be closely watched in light of recent events in the country. Away from that the Fed's Evans will speak on a policy panel in Argentina and the ECB's Mersch will make comments in Paris. Markets in the US will stay closed for the Labour Day holiday.”

“Tuesday: Overnight on Tuesday we'll get the August BRC like-for-like sales data in the UK. In Europe the only data of note is the July PPI report for the Eurozone while in the US the main focus will be on manufacturing data with the final August PMI and ISM due, as well as July construction spending data. Later in the evening we'll also get August vehicle sales data, while the Fed's Evans and BoE's Carney are also scheduled to speak. Germany's Chancellor Angela Merkel will also be speaking at a conference on Germany’s future as a financial center in Frankfurt while Germany's Economy and Energy Minister Peter Altmaier may discuss Europe and US relations, Brexit and China at a town hall meeting. It's worth noting that US Congress also returns on Tuesday.”

“Wednesday: Wednesday is also set to be dominated by PMI releases with the final August services and composite prints due in Japan (Nikkei), China (Caixin), the Eurozone and UK. Also due out is July retail sales data for the Eurozone while in the US the July trade balance is due. The Fed's Kashkari, Williams and Bostic are all due to speak during the day. It's worth also noting that Twitter, Facebook and Google executives will testify before Congress on Wednesday concerning possible Russia election interference.”

“Thursday: With no data of note in Asia on Thursday, the early focus will be on Germany where July factory orders data is due. It's a lot busier in the US on Thursday with the August ADP employment change report, Q2 nonfarm productivity and unit labor costs, initial jobless claims, services and composite PMIs for August, ISM non-manufacturing for August, July factory orders and final July capital and durable goods orders data all due. Away from that the Fed's Williams and BoJ's Kataoka are also expected to speak during the day. Thursday also marks the deadline for the public comments period before the US administration potentially goes ahead with the next round of tariffs on China.”

“Friday: The big highlight on Friday is the August employment report in the US. Prior to that though, we get July household spending and labor cash earnings data in Japan along with the preliminary July leading index. The main focus in Europe should be the final Q2 GDP print for the Eurozone, while July trade data in Germany and France and industrial production data in the former is also due. We will also be getting China's August foreign reserves data at some stage during the day on Friday. Finally, the end of week is also a busy one for Fedspeak with Rosengren, Mester and Kaplan all due to speak.”

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