9 Sept. 2024 Economic Events: US, Eurozone & More

The week of 9 September 2024 is eventful, packed with releases and key events from some of the world’s biggest economies. 

From the US to the Eurozone, here are this week’s main economic and financial events:

US Inflation & Presidential Debate 

CPI

The world’s biggest economy will release August’s consumer price index (CPI) on Wednesday, 11 September. This highly anticipated report is key to determining the Federal Reserve’s monetary policy. 

Analysts from Reuters expect the CPI to look as follows:

• Headline YoY inflation to reach +2.6% (0.3% lower from July’s +2.9%).

• YoY core inflation, which excludes energy and food prices, is expected to climb to +3.2% (similar to July’s figures).

• MoM core and headline inflation to rise to +0.2% (similar to July’s numbers).

The results will likely provide information about whether the Fed will cut interest rates (as expected) or opt for hawkish rate hikes. While this release will help us understand the Fed’s possible trajectory, it is important to note that other factors like job growth and gross domestic product (GDP) can also affect the Fed’s rate decision on 17-18 September. 

The recent purchasing managers’ index (PMI) data released earlier this month might also affect the Fed’s decision. It revealed that manufacturing in the US contracted in August for the fifth time in a row, while services expanded that month. 

Presidential Debates

On the political front, presidential candidates Donald Trump (the Republican nominee) and Kamala Harris (the Democratic nominee) are set to have their first presidential debate on Tuesday, 10 September.

It will be worth seeing how and if these debates will affect the markets as we near the US elections in November.

Eurozone’s ECB Decision

The European Central Bank (ECB), the central bank of the Eurozone, will release its rate decision on Thursday, 12 September. 

The ECB, which reduced rates in its June meeting, is expected to lower its three benchmark rates again on Thursday. While the actual decision is yet to be determined, experts point to the fact that headline inflation in the EZ is nearing the ECB’s 2% target. This, in turn, increases the chances of a 25 basis point reduction on Thursday and in the upcoming December meeting.

The ECB is also projected to release its economic forecasts and revise headline inflation, wages, and GDP downward. 

UK GDP

The monthly GDP for July is expected to be released in the UK on Wednesday, 11 September. It is projected to reflect a 0.2% Month-on-Month expansion.

The data will show if the expansion could be sustained in Q3 as well, as many expect the UK’s economy to strengthen by the end of this year. Still, many factors can affect the country’s economic health. This could also shift the Bank of England (BoE) rate decision on 19 September. 

Corporate Events

Across the corporate realm, earnings releases and an event from tech giant Apple (AAPL) will occur.

Apple’s Event 

Apple, the tech leader, is expected to host its “It’s Glowtime” annual iPhone event today, Monday, 9 September. During this event, Apple will likely launch its iPhone 16 lineup of Apple watches, among other flagship products. Depending on the products and market expectations, this event could affect Apple’s stock price.

Earnings 

Corporate earnings are also set to take place this week, with the main ones being as follows:

• Oracle Corporation (ORCL) on Monday, 9 September.

• Adobe (ADBE) on Tuesday, 12 September.

• Lennar (LEN) and Kroger Company (KR) on Thursday, 12 September.

What will the reports reveal about these companies’ respective sectors? (Source: Nasdaq)

Conclusion

The week of 9 September is set to be eventful, with economic and political events from the US, the UK, and the Eurozone set to take place.

What will the data releases reveal about these economies, and how will they affect the markets? Only time will tell.