- On Monday 2nd: Chinese Caixin Manufacturing PMI and American ISM Manufacturing PMI
- On Tuesday 3rd: American JOLTs Job Openings
- On Wednesday 4th: Australian GDP Growth Rate QoQ and American ISM Services PMI
- On Thursday 5th: Australian Balance of Trade, Canadian Balance of Trade and Canadian Ivey PMI
- On Friday 6th: German Balance of Trade, Canadian Unemployment Rate, American Non Farm Payrolls, American Unemployment Rate and American Michigan Consumer Sentiment Prel
Monday 2nd of December
China's Caixin China General Manufacturing PMI rose to 50.3 in October 2024, indicating a return to expansionary territory after several months of contraction. This uptick can be attributed to the recent stimulus measures implemented by the Chinese government. While output growth accelerated, export orders remained weak, and employment continued to decline. Input costs increased, leading to higher selling prices. Overall, business sentiment improved, reaching a five-month high.Market participants will follow the Chinese Caixin Manufacturing PMI for November when the data is released at 01:45 AM GMT.
In October 2024, the ISM Manufacturing PMI unexpectedly fell to 46.5, signaling a further contraction in the US manufacturing sector. This decline, below market expectations of 47.6, was driven by weak demand, falling output, and accommodative input costs. The prolonged contraction in the manufacturing sector raises concerns about the overall health of the US economy. Market participants anticipate a slight improvement in the ISM Manufacturing PMI for November, with a forecast of 47.2. The data is scheduled to be released at 3:00 PM GMT.`
Major Earnings Release:
- Pharol
Tuesday 3rd of December
The number of job openings in the US declined significantly in September 2024, falling to 7.443 million from a revised 7.861 million in August. This represents the lowest level since January 2021 and is below market expectations of 7.99 million. The decline suggests a cooling labor market, as the number of job openings has decreased for the second consecutive month. Market participants anticipate a further decrease in job openings in October, with the American JOLTs Job Openings forecast to reach 7.38 million. The data is scheduled to be released at 3:00 PM GMT.
Major Earnings Release:
- Salesforce
Wednesday 4th of December
The Australian economy maintained its growth momentum in the second quarter of 2024, expanding by 0.2% quarter-on-quarter. While this marks the eleventh consecutive quarter of growth, the pace of expansion has slowed to its weakest level in five quarters, falling short of market expectations of 0.3% growth. Market analysts anticipate a modest acceleration in the third quarter, with the Australian GDP Growth Rate QoQ forecast to increase to 0.5%. The data is scheduled to be released at 12:30 AM GMT.
In October 2024, the ISM Services PMI in the US unexpectedly surged to 56, marking the highest level since August 2022 and surpassing market expectations of 53.8. This significant increase was primarily driven by a rebound in employment and a slowdown in supplier delivery times. However, business activity, new orders, and inventory levels experienced slower growth, and backlogs of orders shrank. Additionally, price pressures eased slightly. Market analysts expect the American ISM Services PMI for November to increase further to 56.7, with the data scheduled to be released at 3:00 PM GMT.
Thursday 5th of December
Australia's trade surplus narrowed significantly in September 2024, falling to AUD 4.61 billion from a revised AUD 5.28 billion in August. This was below market expectations of a AUD 5.30 billion surplus. The decline was primarily driven by a larger fall in exports compared to imports. Market participants will be closely monitoring the Australian Balance of Trade for October, which is scheduled to be released at 12:30 AM GMT.
Canada recorded a trade deficit of CAD 1.26 billion in September 2024, a slight improvement from the CAD 1.5 billion deficit in the previous month but still wider than market expectations of a CAD 0.8 billion deficit. Despite the modest narrowing, this marked the seventh consecutive month of trade deficits. Market participants anticipate a further narrowing of the trade deficit to CAD -0.7 billion in October, with the data scheduled to be released at 01:30 PM GMT.
The Ivey Purchasing Managers Index (PMI) in Canada eased to 52 in October 2024, down from 53.1 in the previous month and below market expectations of 54.2. While the index remained above the 50-point threshold, indicating continued economic expansion, the slowdown suggests a moderation in growth momentum. Employment growth weakened, and inventory levels decreased. Additionally, price pressures intensified. Market participants expect the Canadian Ivey PMI s.a. for November to increase slightly to 52.1, with the data scheduled to be released at 03:00 PM GMT.
Major Earnings Release:
- Dollar General
Friday 6th of December
Germany's trade surplus narrowed in September 2024, falling to EUR 17 billion from a revised EUR 21.4 billion in August. This was smaller than the market expectation of a EUR 20.9 billion surplus. Market participants will be watching the German Balance of Trade for October, which is scheduled to be released at 7:00 AM GMT.
Canada's unemployment rate remained steady at 6.5% in October 2024, defying expectations of a rebound to 6.6%. This suggests that the labor market may be stabilizing after a period of softening. Market analysts anticipate that the unemployment rate will remain unchanged at 6.5% in November. The data is scheduled to be released at 1:30 PM GMT.
US job growth slowed significantly in October 2024, with non-farm payrolls increasing by only 12,000 jobs. The unemployment rate remained unchanged at 4.1%. While the labor market remains relatively tight, the slowdown in job growth suggests a potential cooling in economic activity. Market participants expect a modest increase in non-farm payrolls to 194,000 in November, with the unemployment rate holding steady at 4.1%. The data is scheduled to be released at 1:30 PM GMT.
Consumer sentiment in the US improved in November 2024, with the University of Michigan Consumer Sentiment Index revised slightly lower to 71.8. This marked the highest reading in seven months, compared to 70.5 in October. However, market analysts expect a slight decline in consumer sentiment for December, with the index forecast to reach 71.5. The data is scheduled to be released at 3:00 PM GMT.
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