An Epic Week Ahead For The Global Economy
For the US, the week may not really begin until Tuesday, but actually, starting tonight it's going to be an epic week for the entire globe.
There are a few huge events:
First, PMI day begins tonight. We get Chinese PMI tonight, and then European PMI numbers on Monday, while the US is off for labor day.
Then on Tuesday, the US returns from summer, and we our first test of whether market volumes pick up. We also have the US ISM and construction spending. The Democratic National Convention also starts on Tuesday.
On Wednesday, it's a tad quiet, with PMI Services reports around the world, but Thursday will be gigantic.
That's because on Thursday the two most powerful people in the world are speaking: ECB Chief Mario Draghi will give a press conference where he may lay out the most concrete steps taken yet to cool the Eurozone crisis. Then at night, President Obama speaks to cap off the DNC and try to get his 'bounce'.
Also on Thursday: Initial jobless claims and the ADP jobs report.
Finally Friday: The jobs report! There are only 3 jobs reports left before the election, and this one, coming right after the President, and right before the Fed meets the following week is a biggie.
Like we said: Epic week.