Key events for the close? - Westpac

Analysts at Westpac offered the key event risk for the close of the week.

Key Quotes:

"NZ: Q2 terms of trade is expected to rise by 3.0%, which would push it to a fresh five-decade high. Export prices probably rose 3%, while import prices were probably flat.

Australia: Aug AiG manufacturing PMI was last at 56.0 with the sector boosted by a lift in construction, a low AUD and agriculture. Aug CoreLogic hedonic home value index is expected by Westpac to rise 0.6% following a 1.5% gain in Jul. This release will include revised and expanded indexes based on an updated methodology.

China: Aug Caixin manufacturing PMI follows the release of yesterday’s official measure which showed a tick up to 51.7 from a previous 51.4 – an overall above average pace of expansion.

US: Aug non-farm payrolls are anticipated to rise 180k. Westpac expects a 170k increase due to survey employment indexes falling back, but the ADP employment gain of 237k (185k exp.) adds upside risk to the forecast. With this, the unemployment rate is expected at 4.3%, while Westpac views stronger participation seeing unemployment tick up to 4.4%. The Aug ISM manufacturing index is expected to maintain an elevated level of 56.4 - currently tracking above the Markit measure (52.5) reflecting strong sentiment amongst big businesses."