Dow Futures gains 55 points, U.S. market news Sep 04

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USA and Canada markets are closed due to labour day holiday

US NEWS

1. China’s stock market is surging, and the G20 summit is just around the corner.
2. The dollar is losing ground as the Fed meeting approaches.
3. Oil prices are falling; producers are planning to establish future output levels.
4. Mercedes CEO: EV prices will stay high for the foreseeable future
5. Tesla’s China-made EV deliveries increased 9.3% year on year in August.
6. Dow futures fall ahead of the holiday 
7. Tesla China has extended the Model Y Long Range delivery period to 6-8 weeks. 
8. The United States expects to strengthen ties with Vietnam, risking China’s retaliation. 
9. Chevron has begun mediation negotiations in order to avoid an Australia LNG strike. 
10. The S&P 500 finishes higher as job growth boosts rate-hike expectations. 

GLOBAL NEWS 

1. European stock futures rise; Lagarde speech focuses attention 
2. In July, German exports fell 0.9% less than projected. 
3. The Swiss economy slowed in the second quarter. 
4. Liontown, an Australian lithium developer, has backed Albemarle’s $4.3 billion deal. 
5. After reform efforts, Beijing exchange shares set a new daily high. 
6. Investor sentiment in the eurozone deteriorates in September, according to a study. 
7. Hedge funds make short bets on US regional banks – Goldman Sachs 
8. Bosch anticipates a 10% increase in core mobility sales in 2023. 
9. UK homebuilders are giving away goodies ranging from vacations to mortgage cancellations in order to boost sales. 
10. The number of unemployed in Spain increased 0.93% from July to 2.70 million in August. 
11. Ryanair traffic reaches a new high in August, up 12% year on year. 
12. Volvo Cars’ August sales increased 18%, boosted by the United States and Europe. 
13. Egypt purchases approximately 500,000 tons of Russian wheat in a private transaction. 
14. The Bank of Israel disputes that its governor has decided not to seek re-election. 
15. Asia FX is quiet, and the dollar is cooling as Fed rate hike fears fade. 
16. Liontown, an Australian lithium developer, has backed Albemarle’s $4.3 billion deal. 
17. Qantas apologizes after an Australian regulator claims it sold tickets for cancelled flights. 
18. Asian markets are trading higher, with the Hang Seng up 1.6% and the Nikkei up 0.4%. 
19. Asian markets surge on lessening rate hike concerns, China stimulus optimism  
20. BHP says Brazilian court approves Samarco debt restructuring plan 
21. Australia Aug ANZ-Indeed jobs advertisements surge biggest in almost a year  
22. Country Garden expected to open up 5.6% after pact to prolong onshore bond payment  
23. RBA to keep rates at 4.10% on Tuesday, but will rise again next quarter 

Economic Data

Better headline jobs data, but revisions lower, wages slip, and unemployment rises. August Nonfarm payrolls rose +187,000 vs. consensus +170,000 while July revised down to +157,000 from +187,000), and June +105,000 from +185,000). U.S. August private sector jobs +179,000 (cons +150,000) – headline better but revisions to downside. US August Unemployment rate rises to 3.8% vs 3.5%. The Labor Participation rate was 62.8%, higher than the 62.6% pre-covid. 

U.S. August average hourly earnings +4.3% from year earlier vs. consensus +4.4%, U.S. August average hourly earnings all private workers +0.2% from prior month (cons +0.3%). 

ISM U.S. manufacturing activity index 47.6 in August above consensus 47.0 and 46.4 in July while the prices paid index 48.4 in August was above 42.6 in July, new orders index 46.8 in August vs 47.3 in July and the employment index 48.5 in August vs 44.4 in July. 

S&P global august final manufacturing PMI at 47.9 (vs flash 47.0) 

July construction spending rose +0.7% topping the consensus +0.5% to $1.973 trln, vs June +0.6% (prev +0.5%); US July private construction spending +1.0%, public spending -0.4%. 

Global Economic Data

In July, German exports fell 0.9% less than projected. 

The Swiss economy slowed in the second quarter.

The number of unemployed in Spain increased 0.93% from July to 2.70 million in August. 

Investor sentiment in the eurozone deteriorates in September, according to a study. 

Economic Calendar

 ·     Markets Closed for Labor Day. 

Other Key Events

·     China Caixin Services PMI for August 

·     Deutsche Bank IAA Cars Conference, 9/4 in Munich 

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