- US Non-Farm Payrolls
- Bank of England rate decision
- ISM Manufacturing and Services updates
Monday 1st August
Markets in Switzerland are closed in observance of Swiss National Day. Overnight we have Japan’s Manufacturing PMI, China’s Caixin Manufacturing PMI, and ANZ Job Advertisements and the MI Inflation Gauge from Australia. We have a batch of Manufacturing PMIs from countries across the Euro zone, including Spain, Italy, France, along with Germany’s final Services PMI. We also have Italian and Euro zone Unemployment. There’s also updates on Manufacturing PMIs from both the UK and US. There’s a Canadian Bank Holiday and also US Construction Spending. Monday’s big earnings announcements come from:
- Activision
- Arista Networks
- Avis Budget
- Devon Energy
- Loews
- Mosaic
- Warner Bros. Discovery
Tuesday 2nd August
The Reserve Bank of Australia will announce its latest decision on interest rates. It has hiked its key Cash Rate at each of its last three meetings, taking it up to levels last seen over three years ago. We have finally seen some gains in the Aussie dollar since mid-July following a deep sell-off since February this year. Some of this comes because of RBA tightening, although most of the recent gains are due to a sell-off in the US dollar, despite Federal Reserve hawkishness. Tuesday morning also sees the release of the UK’s Nationwide House Price Index. From the Euro zone we have Spanish Unemployment, and later Canadian Manufacturing PMI. From the US there’s the JOLTS Job Openings and Wards total Vehicle Sales. The biggest earnings include:
- AMD
- Airbnb
- Alkami Tech
- BP
- Caterpillar
- Fox Corp
- JetBlue Airways
- Marriott International
- Occidental Petroleum
- PayPal
- Starbucks
Wednesday 3rd August
Overnight we have Australian Retail Sales and China’s Caixin Services PMI. Then we have the German Trade Balance followed by a stack of Services PMIs from Spain, Italy, France, Germany, and the Euro zone itself. We also have Italian and Euro zone Retail Sales, along with UK and euro zone Final Services PMIs. From the US we have the day’s data highlight, ISM Services PMI followed by Factory Orders and the weekly update on Crude Oil Inventories. The major earnings reports come from:
- BlackRock
- CVS Health
- eBay
- Lucid Group
- Marathon Oil
- MGM Resorts
- Moderna
- News Corp
- Plug Power
- Robinhood Markets
- TripAdvisor
- Under Armour
- YUM BRANDS
Thursday 4th August
Early on we have the Australian Trade Balance. Then there’s German Factory Orders and the ECB Economic Bulletin. From the UK we have Construction Spending and the Bank of England’s Monetary Policy Committee (MPC) rate decision. Inflation, as measured by the Consumer Price Index (CPI), picked up in the second half of last year. But it has positively skyrocketed in 2022. Back in July, the latest update on Headline CPI, which includes food and energy, jumped by 9.4% from a year ago. This was a sharp increase from the prior reading of +9.1%. It was also above the consensus expectation and takes this inflation measure to a fresh 40-year high.
The news boosted the likelihood of a 50-basis point increase in the BoE’s key Bank Rate at this meeting. If so, that would be the first time the Bank has raised rates by so much since it was given independence by Labour’s Chancellor of the Exchequer, Gordon Brown, in 1997. It will also be the sixth successive UK rate increase since December last year. But it’s not a done deal. While anxious to cap inflation and see it moving downwards, the Bank will worry about placing even more pressure on households with increasing mortgage costs on top of energy and everything else.
Later, we have US Challenger Job Cuts and Weekly Unemployment Claims. FOMC member Loretta Mester is expected to speak. Key earnings reports come from:
- ADT
- AMC Entertainment
- Amgen
- Beyond Meat
- Cigna
- Duke Energy
- Lordstown Motors
- Lyft
- Nikola
- Papa John’s
- Restaurant Brands
- Shake Shack
- Virgin Galactic
- WeWork
Friday 5th August
First up there’s Japanese Household Spending and Leading Indicators. Then we have a monetary policy statement from the Reserve Bank of Australia. German Industrial Production follows, along with the French Trade Balance, Industrial Production and Private Payrolls. In addition, there’s Swiss Foreign Currency Reserves, Italian Industrial Production, and a speech from Bank of England MPC member Huw Pill. Rounding off the week we’ll have the latest update on US Non-Farm Payrolls. These continue to show a steady improvement with the Unemployment Rate back to pre-pandemic levels and hovering around 50-year lows. But it is worth noting the steady, and sustained, increase in Weekly Jobless Claims that has become apparent since early June. Today’s major earnings reports include:
- AMC Networks
- Berkshire Hathaway
- DraftKings
- Western Digital
David Morrison is an Analyst with Trade Nation. Trade Nation was set up with the specific remit to help customers realise their trading goals by changing the way they engage with the financial markets. As well as providing full transparency and making sure all customers get a fair deal, Trade Nation is fully regulated. This means customers can be confident they’re getting the trading experience they deserve. Visit www.tradenation.com to find out more
