September 2, 2024
(THIS WEEK THE JOBS NUMBER WILL BE THE HEADLINE EVENT)
September 2, 2024
Hello everyone.
Week ahead calendar
Monday, Sept. 2
Labor Day Public Holiday (U.S.) Markets closed.
4:00 a.m. Euro Area Manuf. PMI
Previous: 45.8
Forecast: 45.6
Tuesday, Sept. 3
9:45 a.m. S&P PMI Manufacturing final (August)
10:00 a.m. Construction spending (July)
10 :00 a.m. ISM Manufacturing (August)
9:30 p.m. Australia GDP Growth
Previous: 0.1%
Forecast: 0.3%
Wednesday, Sept 4
10:00 a.m. Durable Orders final (July)
10:00 a.m. Factory Orders (July)
10:00 a.m. JOLTS Job Openings (July)
2:00 p.m. Fed Beige Book
9:45 a.m. Canada Rate Decision
Previous: 4.5%
Forecast: 4.25%
Earnings: Hewlett Packard Enterprise, Hormel Foods, Dollar Tree.
Thursday, Sept. 5
8:15 a.m. ADP Employment Survey (August)
8:30 a.m. Continuing Jobless Claims (08/24)
8:30 a.m. Initial Claims (08/31)
8:30 a.m. Unit Labor Costs final (Q2)
10:00 a.m. US Services PMI
Previous: 51.4
Forecast: 51.5
Earnings: Broadcom
Friday, Sept. 6
8:30 a.m. US Nonfarm Payrolls
Previous: 114k
Forecast: 163k
Happy Labor Day!
Welcome to September, which is seasonally the weakest month on the calendar. There are plenty of events this month, which will keep investors pacing the floor. To kick off all the action, we have the job numbers this Friday.
This week’s US employment data will be critical for the September FOMC meeting (September 17-18). A significant miss in jobs data could prompt the Fed to cut rates by 50bps in September instead of 25.
Other events include a rate decision from the Bank of Canada on Wednesday. The BoC was the first to cut rates, and other central banks are now following suit. The Canadian dollar has been making significant gains in recent weeks, particularly against the dollar and the euro, but its strength may not hold if the BoC continues its rate cuts.
Rotation out of tech stocks and into this year’s market laggards should continue. But maintain exposure to Big Tech, which could rally closer to year-end.
A few years ago, China cracked down on gaming. Now, it has a global hit on its hands. In its first attempt at a video game, China has smashed records setting alight the industry’s global ambitions. Black Myth: Wukong is an action game set in mythological China, and it has sold 10 million units three days after its launch on August 20. The rich cultural elements give them a global appeal and set them apart from games developed in other regions. China could be on its way to a mega industry with many other stories that have been passed down over the last millennia, yet to be transformed into video games.
QI CORNER
MARKET UPDATE
S&P 5000
The market is still rallying within its final 5th wave advance to complete its bullish trend sequence from the 3,492 bottom of October 2022.
Support = around 5570
Resistance = 5,735/5765
GOLD
There is potential for more upside here.
Support = $2,470
If we see a strong break of the $2,470 area, a deeper corrective move could see gold correct back to the $2420/$2400 area.
BITCOIN
There has been a lot of choppiness in Bitcoin lately. There is a risk that we could see bitcoin correct towards the $44,000 area before a firm rally takes place. And we might not see this bullish rally take place until late September/October. Be patient.
HISTORY CORNER
PSYCHOLOGY CORNER
SOMETHING TO THINK ABOUT
Cheers
Jacquie
