Americas

In the US, traders will closely monitor a series of appearances from Fed officials for further clues on policy plans for the rest of the year, including remarks from Chair Powell at the Greater Providence Chamber of Commerce in 2025. On the data front, upcoming releases include personal income and spending data, featuring the Fed’s preferred inflation gauge, the PCE price index, alongside durable goods orders and the S&P Global flash PMI survey. Economists expect August consumer spending and income to rise 0.5% and 0.3%, respectively, for a third straight month of gains. Durable goods orders are projected to decline 0.4%, a smaller drop than in the previous two months. PMI readings are likely to confirm slowing private-sector activity in September. Housing remains a weak spot, with existing and new home sales expected to fall to annualized rates of 3.98 million and 0.65 million respectively. Other notable data releases include final second-quarter GDP, the current account, the Chicago Fed National Activity Index, advance goods trade balance and wholesale inventories, and the University of Michigan’s final consumer sentiment reading. Elsewhere in America, Mexico’s central bank meets to set monetary policy, while attention will also turn to Mexico’s trade balance and Canada’s monthly GDP and producer prices.

Europe

In Europe, attention will be on flash PMI data from the Eurozone, Germany, and France, as well as Germany’s GfK consumer climate and Ifo business climate surveys. Factory activity in Germany is expected to show signs of stabilization after more than three years of contraction, while the services sector is set to shrink again but at a slower pace. The GfK consumer climate may improve slightly but will remain subdued. Broader sentiment indicators from the European Commission, France, Italy, and Turkey will also be released. Other notable data include Eurozone car registrations, French unemployment figures, and Switzerland’s current account. On the policy front, the Swiss National Bank and Sweden’s Riksbank are set to announce rate decisions, with both expected to keep policy unchanged. In the UK, the calendar is relatively light, with attention on flash PMIs, which are expected to show a slight slowdown in services and a continued contraction in manufacturing, alongside CBI surveys on industrial orders and distributive trades.

Asia Pacific

In China, the People’s Bank of China is expected to leave its one- and five-year loan prime rates unchanged at 3% and 3.5%, respectively, as policymakers show little urgency to ease monetary policy. Industrial profit figures are also due. In Japan, focus will be on September PMIs and Tokyo CPI, with core inflation likely accelerating to 2.8%, while minutes from the latest Bank of Japan meeting will be closely reviewed. In India, investors will look to September PMI data, while in Australia, attention turns to September PMIs and the August Monthly CPI Indicator. Elsewhere, inflation data are expected from Hong Kong, Malaysia, and Singapore. Hong Kong and Thailand will also publish trade figures. Meanwhile, South Korea will release producer price inflation, consumer sentiment, and business confidence data.