It is a new month, which means that there will be another US non-farm payroll (NFP) number to pore over. The August NFP could be crucial in determining by just how much the Fed might cut interest rates later in the month.
That could be about as exciting as it gets in the US as earnings season draws to a close. Additionally, America is on a holiday-shortened trading week as markets are shut for Labour Day on Monday.
China August PMI number could show that its manufacturing sector is still contracting. In July, China recorded its first fall in factory activity since last October last year. But things could get worse before they get better. That said, services could be a bright spot, with the sector likely to register another month of expansion.
Bank Negara will announce its latest interest-rate decision. Malaysia’s central bank said the current policy stance remains supportive of economic growth and is consistent with its assessment of inflation. However, it does expect inflation to pick up in the second half of the year.
On the corporate front
Broadcom (Nasdaq: AVGO), which is seen as an alternative play on A.I. will report third-quarter results. In June, the maker of chips for data centres, posted a 43% jump in second-quarter revenue. However, income fell 39% on higher expenses.
The maker of Skippy peanut butter and Spam luncheon meat will report third-quarter earnings. In May, Hormel (NYSE: HRL) posted a fall in revenue due to weakness in demand for ready-to-eat meals. Nevertheless, it has raised its earnings forecast for the year on lower logistics and supply-chain costs.
Nio (SGX: NIO) reported a first-quarter loss in June on revenue that fell 7.2%. It also reported a year-on-year decline in delivery of EVs. In August, NIO said it had delivered more than 20,000 EVs for the third straight month. In the year to date, it has delivered 44% more cars than in the same period last year. But that might not be enough to quell the market.
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