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LGT Navigator: US job market report in today’s focus

September 3, 2021

As always at the beginning of the month, in addition to the purchasing managers' surveys, the focus of the capital markets will be on the labor market data from the US. If the recovery on the US job market continues, the Fed could start its tapering process, i.e. the reduction of securities purchases, before the end of this year. In further news, the German stock market operater Deutsche Boerse will announce ten new additions to the DAX after close of trading in New York today.

US job market report in today’s focus

In the run-up to the highly anticipated labor market report, the mood on Wall Street remained friendly. After three consecutive days of losses, the Dow Jones Industrial closed Thursday +0.37% higher at 35'443.82 points. The S&P 500 also rose by +0.28% to 4'536.95 points and on the technology exchange Nasdaq record highs were observed again during the trading day. Optimism was provided above all by the weekly figures on initial jobless claims, which had fallen more than expected.

On Asia's stock markets, no clear trend was again apparent. While in Tokyo, the Nikkei 225 rose strongly by almost +2%, the Hang Seng Index in Hong Kong lost around -0.7% and the CSI 300 around -0.5%. A negative impulse was provided by the latest survey results of the Chinese media group Caixin on the mood in China's service sector. The Purchasing Managers' Index dipped sharply to 46.7 points in August from 54.9 points in July, the lowest level since the first wave of the pandemic in April 2020.

German stock index to better reflect economy

Tonight, after the close in New York, Deutsche Boerse will announce the biggest adjustment yet in the 33-year history of Germany's benchmark index. The DAX will then be expanded from 30 to 40 stocks. This is intended to better reflect Germany as a business location. Porsche, Beiersdorf and Zalando, among others, are being traded as candidates for promotion. Index changes mainly affect funds or ETFs, which in turn affects the share price.

It was already announced yesterday that as of September 20, the shares of Deutsche Post and the Spanish bank Santander will be newly included in the STOXX Europe 50. In return, however, the French technology group Safran and the British energy supplier National Grid were removed.

US and China talk (at least) about climate protection

The People's Republic of China and the United States are the world's two largest producers of carbon dioxide, giving the two nations a special role in the fight against climate change. The talks currently taking place near Beijing between US government climate envoy John Kerry and Chinese representative Xie Zhenhua are intended to bring the two parties closer in preparation for the climate summit planned for November in Glasgow. Kerry called for the climate crisis to be addressed with all due seriousness and urgency, and for China's government to take additional steps to reduce emissions as a result. China's Foreign Minister Wang Yi countered that the United States must show accommodation and stop seeing China as a threat and rival.


Economic Indicators September 3

MEZ Country Indicator Last period
09:15 SP IHS Markit PMI Services (August) 61.9
09:45 IT IHS Markit PMI Composite (August) 58.6
09:50 FR IHS Markit PMI Composite (August) 55.9
09:55 GE IHS Markit PMI Composite (August) 60.6
10:00 EZ IHS Markit PMI Composite (August) 59.5
10:30 UK IHS Markit PMI Composite (August) 55.3
11:00 EZ Retail Sales (July, y/y) +5.0%
14:30 US Unemployment Rate (August) 5.4%
14:30 US Non-Farm Payrolls (August) +943,000
15:45 US IHS Markit PMI Composite (August) 55.4
16:00 US ISM PMI Non-Manufacturing (August) 64.1


Earnings Calender September 3

Country Company Period
GE DAX index expansion from 30 to 40 stocks 22:00 MEZ


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