The announcement of the August flash PMIs from the US, UK, and Eurozone was the primary subject of yesterday’s macro diary. When compared to expectations throughout those regions, the survey results were disappointing.
The unanticipated contraction in their respective service sectors caused the composite PMIs for the Eurozone and UK to drop back to a contraction territory. despite the fact that the U.S composite PMI came in below expectations, it was still able to stay above the critical 50 breakeven point.
The most recent ECB meeting account and US durable goods for July are on today’s macro calendar. An early update on August retail activity will be provided by the UK CBI Distributive Trades Survey, but the publication is not usually market moving.
Meanwhile, the annual Jackson Hole Symposium, which is hosted by the US Federal Reserve, formally begins today, but Friday will feature important central bank speeches, including those from Fed Chair Powell and ECB President Lagarde.