Global economic unease is growing and the closely watched monthly jobs report in the United States and inflation gauges in Europe will arrive in the coming week at a key juncture for markets and central banks.
Inflation in the euro area remains uncomfortably high, the flash August consumer price index on Wednesday is likely to show. That will only pile pressure on the European Central Bank to hike rates again in September even as recession risks mount.Instead of peaking soon, as hoped just a few weeks ago, inflation could soon hit double digits. It was at an annual rate of 8.9% in July - well above the ECB's 2% target.
Gas prices are up 45% in August, and 300% this year . Where they go from here remains the key to when euro zone inflation will finally peak. As one economist put it, we're all becoming gas watchers now.China's moribund economy may continue the lead from the U.S. and Europe in reporting manufacturing gloom in the coming week.
Consumer and business confidence continue to be hit by the ongoing property crisis. And now a searing heat wave is also hampering production.China's authorities are trying to salvage growth this year, with the central bank cutting additional lending rates on Monday after slashing others the week before. On Thursday, the government announced it would take steps to strengthen the labour market, providing the stock market with a bit of cheer.
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