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Economic calendar: Labour market data and geopolitics

7:45 AM 7 August 2020

  • European stocks seen opening flat

  • NFP expected to show 1.5 million jobs gain

  • Canada set to retaliate against US tariffs

European stock markets are seen opening flat on Friday. US President widened scope of its recent push against Chinese tech to involve Tenecent's WeChat. As the United States keeps increasing pressure on China, there is a high risk that we will see retaliation some time in the future. Speaking of retaliation, Canada is set to announce its response to US aluminium tariffs today at 4:00 pm BST. Apart from that, trading will be focused on US labour market data.

1:30 pm BST - US, NFP report for July.

  • Non-farm payrolls. Expected: +1580k. Previous: +4800k

  • Earnings growth. Expected: +4.2% YoY. Previous: +5% YoY

  • Unemployment rate. Expected: 10.5%. Previous: 11.1%

1:30 pm BST - Canada, labour market report for July.

  • Employment change. Expected: +400k. Previous: +952.9k

  • Unemployment rate. Expected: 11%. Previous: 12.3%

3:00 pm BST - US, wholesale inventories for June. Expected: -2% MoM. Previous: -1.2% MoM

4:00 pm BST - Canada announces retaliation against US aluminium tariffs

6:00 pm BST - US oil rig count. Previous: 180

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