Upcoming economic events 3 September 2024

Time(GMT+0/UTC+0)	State	Importance	Event	Forecast	Previous
01:30		2 points	Current Account (Q2)	-5.0B	-4.9B
03:35		2 points	10-Year JGB Auction	———	0.926%
13:45		3 points	S&P Global US Manufacturing PMI (Aug)	48.1	48.0
14:00		2 points	Construction Spending (MoM) (Jul)	0.1%	-0.3%
14:00		2 points	ISM Manufacturing Employment (Aug)	———	43.4
14:00		3 points	ISM Manufacturing PMI (Aug)	47.5	46.8
14:00		3 points	ISM Manufacturing Prices (Aug)	52.5	52.9
14:00		2 points	ECB’s Supervisory Board Member Jochnick Speaks	———	———
15:00		2 points	Atlanta Fed GDPNow	2.5%	2.5%

Summary of Upcoming Economic Events on September 3, 2024

1. Australia Current Account (Q2) (01:30 UTC): The balance of payments, showing the difference between the value of a country’s imports and exports of goods and services. Forecast: -5.0B, Previous: -4.9B.
2. Japan 10-Year JGB Auction (03:35 UTC): Auction of 10-year Japanese Government Bonds. Previous Yield: 0.926%.
3. US S&P Global US Manufacturing PMI (Aug) (13:45 UTC): Measures activity in the US manufacturing sector. Forecast: 48.1, Previous: 48.0.
4. US Construction Spending (MoM) (Jul) (14:00 UTC): Monthly change in the total amount spent on construction. Forecast: +0.1%, Previous: -0.3%.
5. US ISM Manufacturing Employment (Aug) (14:00 UTC): Employment trends in the US manufacturing sector. Previous: 43.4.
6. US ISM Manufacturing PMI (Aug) (14:00 UTC): Measures activity in the US manufacturing sector. Forecast: 47.5, Previous: 46.8.
7. US ISM Manufacturing Prices (Aug) (14:00 UTC): Measures changes in prices within the manufacturing sector. Forecast: 52.5, Previous: 52.9.
8. ECB’s Supervisory Board Member Jochnick Speaks (14:00 UTC): Remarks from Kerstin Jochnick, providing insights into ECB supervisory policy and financial stability.
9. Atlanta Fed GDPNow (15:00 UTC): Real-time estimate of US GDP growth. Forecast: 2.5%, Previous: 2.5%.

Market Impact Analysis

• Australia Current Account: A larger deficit than expected could weaken AUD, indicating more capital is leaving the country than entering. A smaller deficit could support AUD, indicating stronger economic health.
• Japan 10-Year JGB Auction: Yields on 10-year bonds impact JPY; higher demand leading to lower yields can strengthen JPY, while low demand and higher yields can weaken it.
• US Manufacturing PMI (S&P Global and ISM): Readings below 50 indicate contraction. Lower figures can suggest weakness in the manufacturing sector, potentially weighing on USD and affecting equities. Improving figures may signal recovery.
• US Construction Spending: An increase in spending supports economic growth, potentially boosting USD and indicating confidence in the construction sector.
• US ISM Manufacturing Employment: A low reading indicates potential job cuts in manufacturing, which could raise concerns about economic strength.
• US ISM Manufacturing Prices: Rising prices suggest inflationary pressures in manufacturing, potentially impacting Fed policy expectations.
• Atlanta Fed GDPNow: A stable or increasing estimate supports market confidence in economic growth, positively impacting USD.

Overall Impact

• Volatility: Moderate, with potential reactions in equity, bond, currency, and commodity markets, particularly with a focus on manufacturing and construction sectors in the US.
• Impact Score: 6/10, indicating moderate potential for market movements.