-- Employers in the US probably tempered their pace of hiring this month after beefing up payrolls by the most since the start of the year, consistent with a sturdy labor market that’s powering economic expansion.Israel Latest: Iranian Minister Warns US Over Support of Israel
Economists will also watch a report on third-quarter employment costs on Tuesday for signs of cooler wage growth. Labor costs are the biggest expense for employers, and any acceleration risks keeping inflation elevated. The government’s latest reading on productivity will also give an indication of how successful firms are in mitigating some of those increased costs.
A highlight for the week is the Bank of Japan’s policy meeting that wraps up on Tuesday. Most economists expect no change, but many flag the risk of a policy adjustment with the yen hovering around 150 to the dollar, long-term yields continuing to rise, and most recently, data showing Tokyo inflation unexpectedly quickened.
Elsewhere, Vietnam, Thailand, South Korea and Australia report trade data through the week, giving the latest snapshot on the state of global demand, while Indonesia and South Korea will also release inflation figures.While the Fed decision takes center stage, Europe will also await the outcomes of a trio of central bank meetings closer to home on Thursday.
Turning to the euro region, key data on Tuesday may show the economy stalled or even shrank in the third quarter under the cumulative weight of rate hikes. A changing of the guard in Rome and Frankfurt may draw some attentio as Bank of Italy Governor Ignazio Visco retires this week. He’ll be succeeded by ECB Executive Board member Fabio Panetta, who in turn will be replaced by Piero Cipollone, a senior official at the Italian central bank.
In Egypt on Thursday, investors will watch to see if the central bank raises rates to counter inflation that’s at a record high or holds for a second straight meeting. The decision has implications for the Egyptian pound, which is under pressure amid a dire shortage of foreign currency.In the region’s main event, Brazil’s central bank is locked in on delivering a third straight 50 basis-point rate cut that will take the Selic down to 12.25%.
Brazil’s September manufacturing PMI suggests that industrial output data for the same month reported this week will fall into the red as well. Inflation in Peru likely slowed for a ninth month in September, coming in just below 5%.
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