WEEK AHEAD: Non farm payrolls, Hurricane Ida, September starts

A preview of the news, earnings and economic data to expcet in the week ahead.

Now, market focus shifts even more fiercely to jobs data, with the release Friday of the August employment report. Some market pros had expected an announcement on tapering from the Fed at its September meeting, but that view has now mostly changed to a November or December announcement. 

Economists polled by Dow Jones expect 750,000 jobs were created in August and the unemployment rate fell to 5.2%. In July, the economy created 943,000 jobs and unemployment slid to 5.4%. Education was a big contributor in July, with 261,000 jobs added in public schools and private education.

The oil and gas industry is closely watching Hurricane Ida, which was heading straight for Louisiana. Oil, gasoline and natural gas all rallied Friday, as energy companies shut down Gulf of Mexico production ahead of the storm. Louisiana is also home to a number of refineries.

West Texas Intermediate futures settled up nearly 2% Friday, at $68.74 per barrel. The benchmark U.S. crude was up more than 10% for the week, its best weekly gain since June 5, 2020.

Stock markets are heading into September near record highs but the fast-spreading Delta coronavirus variant is making some investors reassess how so-called reflation trades could perform in coming months.

A raft of indicators from consumer surveys to derivatives suggest that without fresh catalysts markets could be in for a pause or even a reversal over the autumn months. Speculators have also been piling into the dollar, with positioning at its highest in a year.

CALENDAR

MONDAY

Earnings

Cloudera, Zoom Video

Macro

Asia: Japan Retail Sales
Europe: EZ Consumer Confidence Final, EZ Economic Sentiment, Germany Inflation Rate Prel
US: Pending Home Sales

Monetary Policy

N/A

 

TUESDAY

Earnings

Designer Brands, NetEase, PVH, Crowdstrike, Ambarella

Macro

Asia: New Zealand: Building Permits, Japan Unemployment Rate, Japan Industrial Production, China NBS Manufacturing PMI, China Non-Manufacturing PMI
Europe: Germany Unemployment Rate, UK Mortgage Approvals, EU Inflation Rate Flash 
US: Canada Q2 GDP, US Chicago PMI, US Consumer Confidence

Monetary Policy

N/A

 

WEDNESDAY

Earnings

Campbell Soup, Chewy, Brown-Forman, Vera Bradley, Nutanix, Smith and Wesson, Asana, ChargePoint

Macro

International: Manufacturing PMIs, OPEC+ Meeting
Asia: Australia Q2 GDP, China Caixin Manufacturing PMI
Europe: Germany Retail Sales, EZ Unemployment Rate
US: ADP Employment Change, ISM Manufacturing PMI, Crude Inventories

Monetary Policy

Atlanta Fed President Raphael Bostic speech

 

THURSDAY

Earnings

Hewlett Packard Enterprise, Broadcom, Lands’ End, American Eagle Outfitters, DocuSign, Ciena, John Wiley, Signet Jewelers, Hormel, Cooper Cos

Macro

Asia: New Zealand Trade Balance, Australia Trade Balance
Europe: EZ PPI
US: Canada: Trade Balance, US Trade Balance, US Factory Orders
Monetary Policy

N/A


FRIDAY

Earnings

N/A

Macro

International: Services PMI Final
Asia: Australia Retail Sales Final, China Caixin Services PMI (AUG)
Europe: EZ Retail Sales
US: Non-farm Payrolls, ISM Non-Manufacturing PMI

Monetary Policy

N/A

 

Sources: CNBC, FXStreet, MarketWatch 

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