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Key events and releases next week. Jackson Hole symposium the highlight

  
  Analysis
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Feds Powell to speak at 10 AM ET on Friday August 27

Next week’s key events and releases will be highlighted by the Jackson Hole symposium which will take place from August 26 through August 28.  The main speech made by Fed chair Powell, will take place on August 27 at 10 AM ET/1400 GMT.
The market will be focused on any time one projections from the Fed chair for taper.  There have been a number of Fed officials who have expressed the desire to begin the taper sooner rather than later.  However, Feds Kaplan – one of the more hawkish Fed Presidents – dialed back a bit on concerns if the Delta variants starts to impact production.
Other key events include:
Monday, August 23:
  • Australia flash manufacturing and services PMI 7 PM ET/2300 GMT
  • France flash manufacturing and services PMI.  3:15 AM ET/715 GMT. Estimate 57.1 manufacturing. 56.2 services
  • German flash manufacturing and service PMI, 3:30 AM ET/730 GMT. Estimate 65.1 manufacturing and 61.0 services
  • UK flash manufacturing and services PMI. 4:30 AM ET/830 GMT.  Estimate 59.5 manufacturing and 59.0 services
  • US flash manufacturing and services PMI. 9:45 AM ET/1345 GMT.  Estimate 62.8 manufacturing and 59.1 services
Tuesday, August 24
  • New Zealand retail sales, 6:45 PM ET Monday/2245 GMT Monday. Estimate 2.0% versus 2.5% last month. Core retail sales 1.9% versus 3.2% last month
  • US new home sales, 10 AM ET/1400 GMT. Estimate 698K versus 676K last month
  • US Richard Fed manufacturing index. 10 AM ET/1400 GMT. Last month 27.0
Wednesday, August 25:
  • German Ifo business climate.  4 AM ET/800 GMT. Estimate 100.6 versus 100.8 last month
  • US durable goods orders. 8:30 AM ET/1230 GMT.  Estimate -0.2% versus +0.9% last month. Core durable goods +0.4% estimate versus +0.5% last month
  • Weekly crude oil inventories. 10:30 AM ET/1430 GMT. Crude oil has been down for seven consecutive days
Thursday, August 26.
  • US preliminary GDP 3Q. 8:30 AM ET/1230 GMT. Estimate 6.6% versus 6.5% for the first cut
  • US unemployment claims.  8:30 AM ET/1230 GMT.  Estimate 355K versus 348K last week
  • Start of Jackson Hole symposium
Friday, August 27
  • Australian retail sales, 9:30 PM ET Thursday/1330 GMT.  Estimate -2.0% versus -1.8% last month
  • US Core PCE price index MoM, 8:30 AM ET.  Estimate 0.3% versus 0.4% last month
  • Fed chair Powell speaks at Jackson Hole symposium.  10 AM ET/1400 GMT
  • US revised University of Michigan consumer sentiment.  Estimate 10 AM ET/1400 GMT.  Estimate 71.2 versus 70.2 preliminary
Saturday, August 28
  • Jackson Hole symposium

FBI: Russia, Iran have attempted to interfere with US election

  
Analysis, Politics
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US directory of national intelligence Ratcliffe announces the discovery

  • US has identified Russia, Iran as countries who have attempted to interfere with the US election
  • Has sent spoof emails designed to intimidate voters, incite unrest, damage Pres. Trump
  • Aware that Russia has obtained some voter information
  • intelligence community court threat, reacted swiftly
  • This is not a partisan issue
  • Prepared for actions by those hostile to democracy

The interference apparently came through emails threatening those who voted against Trump.

Radcliffe says that the email, apparently from The Proud Boys, is intended to hurt Pres. Trump. Of course, if a recipient was intimidated by the email, it might benefit Pres. Trump.
Regardless of the intentions, stopping interference in elections is certainly a prerogative. FBI’s Wray is on the wires saying:
  • The FBI will not tolerate 4 interference elections
  • Election infrastructure remains resilient

NASDAQ leads the way to the upside. S&P and NASDAQ break 4-day losing streak

  
Analysis, US Market
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Dow breaks 3 day slide

The S&P and NASDAQ index broke a 4 day losing streak. The Dow industrial average broke its 3 day losing streak as investors liked Feds Powell comments on the economy is resilient, and the expectations at the Fed would remain on hold for a long period of time.

A look at the final numbers are showing:
  • S&P index rose 34.49 points or 1.05% to 3315.56. It’s high reached 33 to 0.31. The low extended to 3270.95.
  • Nasdaq index rose 184.83 points or 1.71% at 10963.62. Its high reached 10979.64. The low extended to 10737.51
  • Dow rose 140.34 points or 0.52% at 27288.04. It’s high reached 27333.09. The low extended to 26989.93.
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