Though some countries like US and Canada have a Labor Day holiday on Monday (4 Sep), this week is still one of the busiest weeks as many countries will publish their GDP, inflation data and trade balance soon, for example, Swiss GDP expected at 0.5% YoY, South Korea GDP and CPI are expected at 0.9% YoY and 2.7%, respectively. Germany import, export and trade balance are also expected on the same day.
On Tuesday (5 Sep), the Reserve Bank of Australia (RBA) will decide the interest rate after it’d been quickly hiked and stood at 4.1% for a few months now. Meanwhile, the EU will publish its PPI, while private surveys such as S&P Global composite PMI and HCOB Eurozone Service PMI will also publish on the same day.
Furthermore, Australia will publish the GDP number, Brazil will publish the Industrial production number, while the US will publish the factory order and durables good numbers.
On Wednesday (6 Sep), Bank of Canada (BoC) will decide the interest rate after it’d been hiked to 4.5% since Q1 and recently to 5%, also Australia, Canada and China will publish their trade balance on the same day as well. Meanwhile, the US will publish the trade balance along with ISM and PMI surveys.
On Thursday (7 Sep), the EU is scheduled to publish Q2 GDP, expected at 0.6% YoY and 0.3% QoQ, almost half of the previous 1.1% YoY and 0.5% QoQ. Japan will also publish GDP, expected at 6.0% YoY and 1.5% QoQ which more than double the previous 2.7% YoY and 0.7% QoQ.
Meanwhile, the US scheduled the initial jobless claims and crude oil inventories on the same day as well. These two are the key to understanding how much weekly demand is in the US economy but the market only have jobless claims forecast at 235,000 which is about the average of past 6-months level.
Furthermore UK housing data drop from Halifax HPI, is scheduled for publication that day as well, along with Canada Building permit number also. These two would give some insight on both the UK and Canada housing situation.
On the CPI Friday (8 Sep), China, Germany and Russia are both scheduled to publish their CPI on the same day. The German CPI is expected almost no change at 6.1% YoY and 0.3% MoM, while Russia CPI expected at 5.1% YoY and 0.3% MoM.
Finally, Canada’s unemployment is expected to stabilize at 5.5% MoM, the same level over a year now.