As the U.S. and global markets gear up for September, all eyes are on the U.S. jobs market after last month’s unemployment rate scare. Wall Street is on edge as investors await the critical August payrolls report on Friday, with forecasts predicting a pick-up in job growth and a dip in the jobless rate to 4.2%.
Manufacturing woes in China and Europe have been impacting global markets, with commodity and energy prices taking a hit. The possibility of higher OPEC production adds to the pressure, keeping rate cut speculation alive. The Bank of Canada is expected to cut rates by 25 bps for a third consecutive meeting, while the U.S. dollar remains strong and the euro weak.
European stocks are slightly down, and Chinese shares are struggling after recent losses. In Hong Kong, property developer New World Development faces financial challenges, while Volkswagen considers factory closures in Germany due to competition from Asian rivals.
Key events to watch for later on Tuesday include US manufacturing surveys, European Central Bank speeches, and US corporate earnings reports.
Stay tuned for more updates on market trends and economic developments.