The US week ahead is an important one for markets - UOB

Analysts at UOB Group explained that following Friday’s preliminary US 2Q GDP data, the US economic data docket remains substantial going into the new week.

Key Quotes:

"...with the early focus on the June PCE data (Tuesday), ISM manufacturing (Tuesday), July ADP (Wednesday), ISM non-manufacturing (Thursday) and leading to Friday’s climax of the July US labor market report and we expect a 250k NFP (from 222k in June) whilst the unemployment rate may stay steady at 4.4%."

"But the important focus will be on US wage growth which we think may come in at a faster clip of +0.4%m/m, +2.6%y/y (from +0.15%m/m, 2.5%y/y in June)."

"This will again be another busy week of US earnings reports and the focus will be on Apple, Tesla and Berkshire Hathaway. Attention will also be on US domestic politics as the US Senate lawmakers will continue be in session till 11 August."