Relatively quiet on the whole with much of the focus on the 9/11 20th anniversary services but also on sporting events. Well done to Emma Raducanu for her remarkable victory and also to Lando Norris for his P2 for McLaren at Monza.
It wasn't such a great race for Hamilton and Verstappen... Source: The Times, Matteo Bazzi/EPA
In COVID-19 news, Israel already has its eyes on a fourth dose of vaccine in what potentially amounts to some concerning info on the long-term efficacy of the vaccines. However, in the UK, the government dropped plans to introduce vaccine passports for high capacity events like nightclubs / sporting / festivals.
One story which I think slipped under the radar a little was this excellent piece of NYT journalism on the supposed ISIS-K takeout ordered by Biden after the deaths of 13 US troops. While this has gone unnoticed, I expect it will get a bit more traction and might add some pressure to the President and prompt an investigation or two.
Finally, we obviously had the news on Friday (as rapidly reported by yours truly) that Apple would no longer be able to prevent developers linking to external websites for subscriptions. It's probably only going to amount to around 2% of Apple's profits (assuming it isn't challenged etc in higher courts), but it could provide a significant boost to app developers. I stand by my claim from Friday that the winner of this may well be Microsoft given how much it pays Apple for those who subscribe to Office 365 on the platform.
Apart from that... I'm not seeing a huge amount of weekend news flow which has caught my eye.
The Week Ahead:
Lots of economic data coming in the week ahead as well as a fair few political events which might move the market. Also watch for news from Canada about polls for the Canadian election taking place Monday 20th (Trudeau currently trails in the polls). Then the Sunday after we'll have the German elections so lots to watch in the political space (the CDU currently trail the SPD in the polls - a Germany politics primer will follow this week). . On Tuesday we have the recall election for Governor Gavin Newsom. While he definitely has the financial firepower, it will be worth watching to see which way the political winds are blowing in California.
Lots of things to watch on the economic calendar with CPI from US and UK, a few interesting bond auctions and also retail sales toward the back of the week.
Economic Calendar Highlights:
Monday:
07:00 - Germany August Wholesale Price
16:00 - US Consumer Inflation Expectations
Tuesday:
05:30 - Japan Industrial Production
07:00 - UK Employment Data
10:45 - Few interesting BTP Auctions (3s,7s,30s)
13:30 - Canadian Manufacturing Sales & US August Inflation
Wednesday:
07:00 - UK Inflation & PPIs
10:00 - Euro Area Industrial Production, Wage Growth.
13:30 - Canada Inflation & US Export Prices, NY Empire State Manufacturing,
14:15 - US Industrial Production for August
15:30 - EIA data
Thursday:
02:30 - Australian employment data
01:30 - Canadian ADP
13:30 - US Retail Sales & Initial Jobless Claims & US Philly Fed
Friday:
07:00 - UK Retail Sales
09:00 - Euro Area Current Account & Inflation Rate
15:00 - UMich Surveys
Non-Sequitur:
Full disclosure, I'm only with you for three of the trading days this week as I'm off to Milan on Thursday for a short reprieve before I return to university.
So I've gone with an Italian theme today for the non-sequitur. Well... loosely. The longest pizza ever made was 1930.39m long (far more than a mile!) and was made in... sorry Italy... the United States. That's 17,700lbs of dough, 5,000lbs of tomato and 3,900lbs of mozzarella.
Happy Trading Everyone! Have a Great Week Ahead
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