Markit Group Limited | Aug 28, 2020 07:33
A comprehensive view of global economic conditions midway through the third quarter will be provided by the worldwide PMI surveys, with the week closing with the all-important US non-farm payroll report. Other key releases include GDP for India, Brazil, Australia and South Korea, while policy action comes from Australia.
Global PMI data will be eagerly awaited to assess whether the economic rebound from COVID-19 lockdowns has persisted into August. Flash PMI data brought mixed news: although the G4 largest developed economies collectively saw the shapest expansion since March 2019, only the US and UK reported faster growth. The Eurozone's expansion lost pace and Japan remained firmly stuck in contraction. The final PMI numbers will provide more detail on both manufacturing and services conditions in all major developed and emerging markets. Detailed sector PMIs will also add insight into winners and losers: July saw auto makers lead the global upturn but conditions remained especially tough for tourism and recreation.
In addition to the IHS Markit and ISM PMI data, Friday's US employment report includes nonfarm payrolls, unemployment and wage growth. July saw 1.8 million added to the payroll count, but that still left the count almost 13 million below the pre-pandemic peak and was down from a 4.2 million increase in June, hinting at a slowing recovery. The unemployment rate fell 0.9% points to 10.2%. Analysts are expecting around 1.5 million jobs in August to be added and a drop in the jobless rate to just under 10%.
In Europe, the PMI data are joined by Eurozone inflation and unemployment numbers, plus retail sales data. German factory orders and retail sales are also updated, as are mortgage lending and credit data in the UK.
In Asia Pacific, PMI data will add clues as to the durability of China's upturn, while GDP in India and Australia are expected to show economies contracting sharply. The RBA is meanwhile expected to hold rates unchanged at 0.25% but analysts will be eager for clues as to what might trigger further action.
"Disclaimer: The intellectual property rights to these data provided herein are owned by or licensed to Markit Economics Limited. Any unauthorised use, including but not limited to copying, distributing, transmitting or otherwise of any data appearing is not permitted without Markit’s prior consent. Markit shall not have any liability, duty or obligation for or relating to the content or information (“data”) contained herein, any errors, inaccuracies, omissions or delays in the data, or for any actions taken in reliance thereon.
In no event shall Markit be liable for any special, incidental, or consequential damages, arising out of the use of the data. Purchasing Managers' Index™ and PMI™ are either registered trademarks of Markit Economics Limited or licensed to Markit Economics Limited. Markit is a registered trade mark of Markit Group Limited."
Written By: Markit Group Limited
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.