Monetary policy and “shutdown”, the keywords for this Thursday session for investors. US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell will speak together for the second time this week. It will be before the Financial Services Committee of the House of Representatives, against a backdrop of risk of “shutdown”. Indeed, if the Senate (narrow Democratic majority thanks to Vice-President Kamala Harris) and the House of Representatives (Democratic majority) cannot agree on an increase or a suspension of the ceiling of the debt before Thursday midnight last carat, the federal administrations may have to close this Friday 1is October, until an agreement is reached. The last “shutdown” dates back to January 2019: it was the longest in the history of the United States. Federal officials had not been paid for 36 days until Donald Trump, who at the time wanted to fund a border wall between the United States and Mexico, folded.
Still on the other side of the Atlantic, investors will be watching the new weekly jobless claims, at 2:30 p.m. Economists expect 330,000 new requests, against 351,000 the previous week. We will take a closer look at the third estimate of real GDP for the second quarter and the PMI MNI of purchasing managers in the Chicago area for September.
Leading figures in China
At a time when fears are increasing in China (energy shortages, plant closures, probable bankruptcy of the giant Evergrande), the markets will be very sensitive to three September indicators, published before the first exchanges in Europe: Manufacturing PMI (Caixin and government indices – NBS) and non-manufacturing (NBS). « In August, the business climate in China fell sharply in services and continued its erosion in the manufacturing sector. The restrictions taken to stop the circulation of the Delta variant are the root cause. To this must be added the various announcements of strengthening state control in various sectors, technology, educational services and residential construction. », Recalled the Oddo BHF office at the beginning of the week.
Inflation in France and Germany
Focus finally oninflation in France, before the opening of the Stock Exchange, and in Germany, at 2 p.m. Across the Rhine, consumer prices would have jumped 3.9% in preliminary data for September over one year (+0.5 point compared to August).
As for the agenda of companies listed in Paris, it will not be outdone. Amoeba, Carbios, Egide, Jacques Bogart, Metabolic Explorer, Valbiotis, Prologue and Riber will present their results for the first half of the year. The Swedish H&M will unveil those for the third quarter.
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