A preview of the news, earnings and economic data to expcet in the week ahead.
The Fed is expected to communicate its plans for slowing its $120 billion per month asset purchase program, the first step down the road to eventual interest rate hikes. But the prospect of stimulus being reduced at a time when the rise of the highly contagious delta variant is clouding the outlook for the economic recovery has spooked markets.
The Fed announced Friday that its annual symposium would be held online instead of at its usual location in Jackson Hole, Wyoming. The symposium will run from Thursday through Saturday, but the main event will be the keynote speech by Fed Chair Jerome Powell, scheduled for 10 AM ET (1400 GMT) on Friday.
A key set of economic statistics released this week will be the monthly purchasing managers’ index
reports from IHS Markit, covering France, Germany, the eurozone, Japan, the UK and the US. Although not official data, the international nature of the PMI calculation makes it a useful tool for comparing the relative economic progress of these countries.
The regulatory storm sweeping across China’s economy has raised concerns about the scale of government intervention in local markets, while some analysts question whether the changes are enough to boost innovation and ensure “quality growth” amid an increasingly challenging external environment.
In recent weeks, Beijing has unleashed a flurry of new regulations for internet-oriented tech companies, private education firms and overseas listings, disrupting global markets and triggering huge losses for investors. The government has cited concerns over data privacy, national security and the tech sector’s expanding influence on society as reasons for tighter oversight.
JD.com, Palo Alto Networks, Fosun Pharmaceutical Group
Multi: Manufacturing and Services PMI Flash
Europe, UK CBI Industrial Trends Orders, EZ Consumer Confidence Flash
US: Existing Home Sales
Medtronic, Intuit, Scotiabank, Best Buy
Asia: New Zealand Q2 Retail Sales
Europe: Germany Q2 GDP Growth Rate Final
US: New Home Sales, Richmond Fed Manufacturing Index, 2-year Auction
Salesforce, Royal Bank of Canada, Snowflake, Xiaomi, Autodesk
Asia: New Zealand Trade Balance,
Europe: Germany Ifo Business Climate
US: Durable Goods Orders, 5-Year Auction, Crude oil Inventories
TD Bank, Dell, VMware, Dollar General
Europe: Germany: GfK Consumer Confidence (SEP)
US: GDP Growth Rate 2nd Est (Q2), 7-Year Auction
ECB Monetary Policy Meeting Accounts
Jackson Hole Symposium
China Construction Bank, Ping An Insurance, Petro China
Asia: Australia Retail Sales Prel
US: Canada PPI Final, Personal Income, Personal Spending, Core PCE Price Index, Michigan Consumer Sentiment Final
Jackson Hole Symposium, incl Powell speech
Sources: Investing.com, FXStreet, Financial Times, China Morning 'Post