Last Week Recap
The BRICS Summit Brief
The BRICS Summit chose to support an expansion by inviting 6 new countries: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. They kept the possibility of future growth open as numerous other countries expressed their interest in joining.
Jackson Hole Symposium
At the Jackson Hole meeting, Jerome Powell signaled readiness to raise interest rates cautiously based on economic data. He emphasized that two months of good data isn’t enough to build confidence in managing inflation. Additionally, he mentioned that the 2% inflation target remains unchanged. The Fed will continue tightening the monetary policy until a sustained inflation slowdown is observed.
The Week Ahead
In the week ahead, major economic data is expected in the U.S, China, Canada, Australia, and Switzerland.
The U.S.
The CB Consumer Confidence is set to be released by the Conference Board Inc. on Tuesday, August 29, 2023, at 6:00 PM, GMT+4 (Dubai Time).
On Tuesday, August 29, 2023 JOLTS Job Openings is scheduled to be released by the Bureau of Labor Statistics at 6:00 PM, GMT+4 (Dubai Time).
ADP Non-Farm Employment Change is set to be released by Automatic Data Processing Inc. on Wednesday, August 30, 2023, at 4:15 PM, GMT+4 (Dubai Time).
On Wednesday, August 30, 2023, Pending Home Sales are scheduled to be released by the National Association of Realtors at 6:00 PM, GMT+4 (Dubai Time).
The Non-Farm Employment Change is set to be released by the Bureau of Labor Statistics on Friday, September 1, 2023, at 4:30 PM, GMT+4 (Dubai Time).
The Institute for Supply Management is scheduled to release the ISM Manufacturing PMI on Friday, September 1, 2023, at 6:00 PM, GMT+4 (Dubai Time).
China
On Thursday, August 31, 2023, both Manufacturing and Non-Manufacturing PMI are scheduled to be released by the China Federation of Logistics and Purchasing (CFLP) at 5:30 AM, GMT+4 (Dubai Time).
Canada
On Friday, September 1, 2023, the Gross Domestic Product (GDP) m/m is set to be released by Statistics Canada at 4:30 PM, GMT+4 (Dubai Time).
Australia
The Australian Bureau of Statistics is set to release the Consumer Price Index (CPI) y/y on Wednesday, August 30, 2023, at 5:30 AM, GMT+4 (Dubai Time).
Switzerland
The Consumer Price Index (CPI) m/m is set to be released by the Federal Statistical Office on Friday, September 1st 2023 at 10:30 AM, GMT+4 (Dubai Time).
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