What to Watch in the Weak Ahead and on Tuesday, September 3
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ON TUESDAY
On the U.S. economic calendar, S&P Global's final reading of manufacturing Purchasing Managers' Index (PMI) for August is slated for release. Additionally, the Institute for Supply Management (ISM) is expected to report that its manufacturing PMI reading likely came at 47.5 in August, after a reading of 46.8 in July. Separately, the Labor Department's Census Bureau is likely to release construction spending data for July.
Canada's S&P Global Manufacturing PMI for August is set for release.
For Latin American region, Brazil's statistics agency IBGE is scheduled to publish second-quarter GDP figures. Separately, Mexico's INEGI is expected to release the unemployment rate for July.
REST OF THE WEEK
Market participants can look forward to several important U.S. data releases in the week. On Friday, the Labor Department's employment report is expected to show that non-farm payrolls in August increased by 160,000 jobs after adding 114,000 jobs in July. Meanwhile, unemployment rate in the economy is expected to fall to 4.2% in August, from July's 4.3%. For the same month, private payrolls probably climbed 130,000, compared to a 97,000 increase in July. Investors will also look out for S&P Global's final readings of services and composite PMI for August on Thursday. Additionally, ISM's non-manufacturing PMI reading is likely to come in at 51.1 in August, compared to 51.4 in the month before. On the same day, the ADP employment report is expected to show nonfarm private employment grew by 145,000 in August, after advancing by 122,000 in the month before. On Wednesday, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS report, is scheduled for release. On the same day, the Commerce Department data is likely to show that factory orders in July rose 4.4%, after falling 3.3% in the previous month. As per Labor Department data due on Thursday, initial jobless claims for the week ending August 31 is projected to rise by 4000 to 235,000.
On Friday, Federal Reserve Board Governor Christopher Waller is expected to speak on the economic outlook at an event hosted by the University of Notre Dame, Indiana. (1100 /1500) On the same day, Federal Reserve Bank of New York President John Williams is scheduled to speak before the C. Peter McColough Series on International Economics organized by the Council on Foreign Relations, New York. (0845 /1245)
The Federal Deposit Insurance Corporation, on Thursday, is slated to report the quarterly profits of the nation's banking industry.
On Friday, a Washington, D.C. federal judge is expected to hold a status conference in the blockbuster antitrust case against Google to determine the next steps as the Justice Department seeks to remedy the company's monopoly in online search and related ads.
On Wednesday, Hewlett Packard Enterprise is expected to report a rise in third-quarter revenue as the company benefits from rising demand of its AI-powered servers capable of high-performance compute which can power artificial intelligence applications.
Discount retailer Dollar Tree is scheduled to post a rise in second-quarter revenue on Wednesday, helped by steady demand at its stores. Investors will look for comments on demand, impact of input costs, supply chain disruption and shrink trends, comments on sale of Family Dollar business, as well as annual forecasts.
Pfizer CFO Dave Denton is expected to speak at the Morgan Stanley conference on Wednesday. Investor focus will be on comments about any significant development in company's pipeline or any comments on deals. At the same conference, on Thursday, Bristol Myers Squibb CEO Chris Boerner and CFO David Elkins are scheduled to speak. Investors will focus on comments regarding the company's pipeline or future deals.
Skippy peanut butter maker Hormel Foods is expected to post a marginal drop in third-quarter revenue on Wednesday, as demand recovers for its pantry staples and condiments.
On Thursday, Dan Ammann, president of Exxon's Low Carbon Solutions business, is likely to speak at Barclays Energy & Power conference in New York.
On the Canadian economic calendar, the Bank of Canada is expected to announce its monetary policy decision on Wednesday. Economists expect the central bank to cut its overnight rate by 25 basis points to 4.25%. On Friday, the Ivey PMI data is due, which could give clues on the
country's economic activity in August. On the same day, Statistics Canada is expected to release August jobs data for the economy, including unemployment rate and labor force participation rate. The agency, on Wednesday, will also release trade balance figures for July, including imports and exports data.
In Latin America, investors will look forward to Brazil's S&P Global services and composite PMI readings and industrial output data on Wednesday. On Friday, the IGP-DI inflation index for August is expected. Additionally, the country's trade balance figures for the same month are due on Thursday. On Friday, Chile's statistics agency INE is scheduled to report August inflation figures.
(U.S. and Canada markets are closed on Monday, September 2, for Labor Day)
Compiled by Malini K; Editing by Shreya Biswas
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