Week 35 economic events not to forget

Here are the key events for the coming week that can interfere with your technical analysis and cause some volatility.

Monday, August 26th:

• Jackson Hole Symposium: This annual gathering of central bankers and economists is a platform for potential policy announcements and insights into future monetary policy. The market will be particularly attentive to any whispers of rate cuts or shifts in policy direction.
• Germany HCOB Manufacturing PMI: This index, released at 07:55 GMT, provides a snapshot of the manufacturing sector's health in Germany. The previous reading was 38.8 (July), and the forecast for August is 39.1. A reading below 50 indicates contraction, which could impact market sentiment and put pressure on the euro and European stocks.

Tuesday, August 27th:

• US Consumer Confidence Index: This indicator measures consumer sentiment about the economy and their spending intentions. It's released at 14:00 GMT, with a previous reading of 117.0 (July) and a forecast of 116.0. A strong reading could support consumer spending and boost sentiment, potentially benefiting retail stocks.
• US New Home Sales: This data reflects the number of newly constructed homes sold in the US, offering insights into the housing market's health. The release is also at 14:00 GMT, with a previous reading of 714K (annualized rate, June) and a forecast of 700K. A healthy housing market could signal continued economic growth.

Wednesday, August 28th:

• US Durable Goods Orders: This report tracks orders for long-lasting goods, providing insights into business investment and manufacturing activity. It's released at 12:30 GMT, with a previous reading of -5.2% (June) and a forecast of -0.5%. A positive surprise could fuel optimism and lift industrial stocks.
• US Pending Home Sales: This index measures signed contracts for existing home sales and is a leading indicator of the housing market's direction. The release is at 14:00 GMT, with a previous reading of -0.3% (June) and a forecast of 0.5%.
• Nvidia Q2 Earnings Report: This highly anticipated report, released after the US market close (typically around 20:00-21:00 GMT), could significantly impact Nvidia's stock price and the broader technology sector. The previous adjusted EPS was $2.70, and the forecast for this quarter is $2.07. Market watchers are keen to see if Nvidia can maintain its growth momentum, particularly in the booming AI sector.

Thursday, August 29th:

• US GDP (2nd Estimate): This revised estimate of US Gross Domestic Product for the second quarter provides a more accurate picture of economic growth. It's released at 12:30 GMT, with a previous estimate of 2.4% (annualized rate, Q2) and the same forecast. Any significant changes could impact expectations for future Fed policy and overall market sentiment.
• US Initial Jobless Claims: This weekly report tracks the number of people filing for unemployment benefits for the first time. It's released at 12:30 GMT, with a previous reading of 239K and a forecast of 240K. This data is closely watched as an indicator of the labor market's health and could influence Fed policy expectations.

Friday, August 30th:

• US Personal Consumption Expenditures (PCE) Price Index: This is the Fed's preferred inflation gauge, released at 12:30 GMT. The previous reading was 3.0% (year-over-year, June), and the forecast remains the same. Any deviation from expectations could impact rate hike expectations and market volatility.