Week of 2 Sept 2024: Global Markets, Rates & Economic Trends

This week saw major developments across global economies, with important data coming out from the US, Europe, Canada, and Australia. Here's a roundup of the most notable market events and economic shifts.

Eurozone, US Labor Data, PMI, and Australia’s Q2 GDP

The Eurozone was expected to report steady GDP (Gross domestic product) growth of 0.3% for Q2 2024, with notable growth in Spain, Italy, and France. However, Germany’s industrial production data, due later in the week, could highlight further signs of weakness.

The US awaited critical labour market data, including non-farm payrolls (NFPs), with expectations of 163,000 new jobs. Combined with a PMI release, this data could shed light on the Federal Reserve's next moves amidst slowing wage growth and high inflation concerns.

Australia’s Q2 GDP was projected to improve slightly, with a growth forecast of 0.2% despite headwinds from rising inflation and household debt. This data could impact the Reserve Bank of Australia's decisions at its next meeting. Discover more about this week’s releases.

Bank of Canada Set for Another Rate Cut

Amid slowing inflation, the Bank of Canada was expected to make its third consecutive rate cut in response to cooling economic conditions. Canada's jobs report, due at the end of the week, could further influence the decision. Explore the potential rate cut and its economic implications.

Tesla’s Sales Surge in China Amid Competition

Tesla’s August sales in China surged, but the electric vehicle market remains fiercely competitive, especially with local rival BYD gaining ground. Read about the growing competition in China's EV market.

Nasdaq Dips Due to Weak ISM Data

The Nasdaq took a hit as weaker-than-expected US ISM Manufacturing PMI data raised concerns about the state of the American economy, triggering a broader market selloff. Learn more about the factors behind Nasdaq's drop.

Conclusion

This week’s global economic events offered insights into the future trajectory of markets. Whether through the US jobs report, Eurozone GDP data, or Tesla's competitive edge in China, these developments provide a window into potential economic shifts.

TL;DR FAQs

How did the Eurozone’s economy perform in Q2 2024?

The Eurozone's economy grew by 0.3%, with Germany continuing to show industrial production weakness.

What was expected from the US labour market data this week?

The US economy was expected to add 163,000 jobs, a key factor in shaping future Federal Reserve policies.

What drove Tesla’s sales jump in China?

Tesla's August sales surged in China, but the competition with local rival BYD remains fierce.