Take Five: Shaky September
-U.S. jobs numbers dominate the agenda as markets brace for a choppy September, with France seeking a way through its political mess, Germany having regional polls and African leaders heading to Beijing.
Further signs of the labour market weakness that helped to roil markets in late July and early August could revive recession fears and cause investors to dump riskier assets. August's selloff was ignited as carry trades that gambled on U.S. rates staying far higher than Japan's imploded. Unsuccessful speculators sold other assets to cover losses, helping to wipe about $1 trillion off U.S. tech stocks.
But Germany has problems of its own. Big wins for the far-right AfD in Sunday's two regional elections is a headache for German Chancellor Olaf Scholz fractious coalition before 2025's national election. The economy is weak, shrinking 0.1% in Q2. The Ifo Institute president says the economy is increasingly falling into crisis.
Retail sales figures published at the end of August fell short of estimates, while household spending has declined every month since February last year. An update of that series is due on Sept. 6.African government officials, including presidents and prime ministers from countries including Kenya, Senegal and South Africa head to Beijing for the ninth edition of the Forum on China-Africa Cooperation.
African officials will be keen to seek commitments from Beijing on boosting financing and investments, while Ethiopia, for instance, will focus on debt restructuring talks.
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