U.S. jobs report ahead, Caixin survey surprise - what's moving markets
Separate data this week has painted a picture of a slowing, albeit tight, U.S. job market. The Fed will likely be on the lookout for more indications that this cooling is continuing, although not to the point where it threatens economic activity.
The Caixin manufacturing purchasing managers’ index read 51.0 for August, much higher than estimates for a reading of 49.3 and above last month’s reading of 49.2. A level above 50 indicates expansion, with the Caixin PMI reaching its highest mark since February. Improving local demand, aided by some monetary stimulus from the Chinese government, helped counter weakness in export-oriented businesses.
Beijing has faced growing calls to roll out stronger measures to reignite the country's sputtering post-pandemic recovery. On Friday, authorities introduced new steps to support the local currency and prop up China's ailing real estate sector.Shares in Lululemon rose in premarket U.S. trading on Friday after the workout gear maker said its third-quarter was off to a"solid start" thanks to strong demand in North America.
Despite a recent pullback in customer spending on nonessential items that has hit many retailers, the Vancouver-based group has said that it has not been seeing a change in consumer behavior. Chief Executive Calvin McDonald noted in a call with analysts following the earnings that shoppers are"responding well" to back-to-school and early fall product lines as well.
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