Key data releases this week include: factory orders (Tue), ISM non-manufacturing index (Wed), Beige Book (Wed), and ECB policy meeting (Thu).
August 30, 2017
Economic growth during Q2'17 was revised higher to 3.0% (2.2% y/y) from 2.6% in the advance report. It was the quickest rate of increase since Q1'15. Growth of 2.8% had been expected in the Action Economics Forecast Survey.
September 1, 2017
The job market weakened noticeably last month. Nonfarm payrolls increased 156,000 (1.5% y/y) during August following a 189,000 July increase and a 210,000 June gain. Together these two figures were revised down by 41,000. A 183,000 jobs increase had been expected in the Action Economics Forecast Survey.
South China Morning Post
August 31, 2017
China's service-sector expansion fell to its lowest level in more than a year in August, according to the official nonmanufacturing purchasing managers' index. The benchmark dropped to 53.4, down from July's 54.5, raising doubts about the government's ability to rely on service businesses to shift the economy away from manufacturing.
September 4, 2017
Monday, September 4, 2017
September 4, 2017
Finance Magnets
September 4, 2017
The Wall Street Journal
The main regulators in China unanimously banned blockchain startups from fundraising via initial coin offerings, and ordered the money raised from earlier ICOs be returned to investors and announced strict judicial penalties for transgressions. It is thought that the move could lead to the demise of ICOs, a source of mounting concern for regulators worldwide.
Financial Times
August 28, 2017
People's Congress Deputy Lai Xiaomin says inexperienced investors are entering China's distressed debt market, pushing up asset prices at auctions and raising fears that a bubble is forming.
September 4, 2017
Even if the Fed tightens policy through balance-sheet reductions or rate boosts in the coming months, the ECB and the BOJ will continue to expand liquidity, which will seep into the global financial system and be a plus for stocks.
Wells Fargo/Barron’s
September 4, 2017
“The size of the U.S. economy is more than $18 trillion. If we assume Harvey did $100 billion in damage that represents less than 0.6% of total domestic economic output. It is unlikely that the ebb-and-flow of the U.S. economy will be impacted in a major way or for an extended period of time.”
September 4, 2017
“If the Trump administration gets its economic agenda through, the irony is that you could get a better economy and weaker equity prices, simply because you’ll have higher inflation and higher interest rates,” according to Jason Trennert of Strategas Research.
August 29, 2017
Moody's Investors Service said economic growth in the Group of 20 nations will remain at more than 3% in 2017 and 2018, trimming its forecast for the US but balancing it against higher expectations for other territories including China, Japan and South Korea. However, it also listed a number of factors that could spark volatility, including geopolitical events, US protectionism, monetary tightening and China's moves toward deleveraging.


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