Central bank chiefs congregate in Jackson Hole for their annual retreat, U.S. Democrats choose their presidential candidate and energy markets ricochet due to a confluence of Middle East and Russia-Ukraine tensions, while global PMIs are due.Central bankers from around the globe gather in Jackson Hole, Wyoming, from Thursday for the Fed’s annual conference to chart the way forward for monetary policy. In focus this year are labour markets - a shift away from last year’s inflation theme.
Purchasing managers’ indexes deliver a real-time snapshot of economic activity and - with most of them out on Thursday - will provide the next set of clues. July’s PMIs suggested an economic slowdown combined with persistent inflation, showing why central banks are in a bind. One unexpected result was the steepest rout for Japanese stocks since 1987′s infamous Black Monday, amid a destabilizing spike in the yen against the dollar.
A potentially bigger test comes the day of the special parliamentary session, with the release of the latest consumer price figures.The U.S. presidential race heats up again with the Democrats aiming to generate fresh momentum for the candidacy of Vice President Kamala Harris at the party’s convention in Chicago.
At the same time, worries about the strength of demand, particularly in China, are somewhat limiting oil’s gains.
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