Overall, the current trading week is likely to be dominated by the annual central bankers' meeting in Jackson Hole (Wyoming), which has been casting its shadow for days. Investors are particularly looking forward to a speech by Fed Chairman Jerome Powell next Friday. Meanwhile, important economic data on both sides of the Atlantic must be kept in mind.
DAX Chart
Source: Tradingview
Focus on "FOMC Minutes" - Purchasing managers likely to provide economic indications
In a generally manageable economic data calendar, the focus this evening is on the so-called "FOMC minutes" from the Fed's most recent meeting two weeks ago (20:00), which investors are likely to scan for monetary policy clues in the usual way.
On Thursday, new purchasing managers from the HCOB will give a foretaste of how the German economy is doing (09:30). The counterpart for the eurozone will follow at 10:00 am.
In the afternoon, as in previous weeks, the focus is likely to be on initial claims for US unemployment benefits (14:30). At the beginning of the month, a strangely weak labor market report (non-farm payrolls) fueled concerns about a recession in the world's largest economy.
In the afternoon, investors will focus on the S&P purchasing managers (15:45), which investors could weigh up against the existing recession worries.
Jerome Powell is unlikely to reveal his cards - surprises not ruled out
From Thursday, attention is also likely to turn to the economic symposium in Jackson Hole. It remains to be seen whether Jerome Powell will give any new indications about the future shape of monetary policy on Friday (16:00). Several Fed representatives recently hinted at a rate cut in September.
There is less relevant corporate data on the agenda in the current reporting season. Only next Wednesday, with the planned publication of figures from chip manufacturer NVIDIA, should more attention be generated again.
