Next Week's Macro Outlook: Nonfarm Payrolls to Set September Path, Fed Beige Book to Reveal Inflation Hand

According to Jin10, this week's market movements were driven by shifts in Fed policy expectations. After Fed Chair Warsh's speech on Friday, the US dollar rallied sharply intraday, closing at 99.69, up 0.85% for the week. Against the backdrop of rising Treasury yields and a stronger dollar, gold remained under pressure, falling 3.24% for the week; spot silver dropped 3.82% this week. Below are the key points markets will focus on in the new week (all times Beijing time): Monday TBD, G20 Finance Ministers and Central Bank Governors meeting runs through September 1; Tuesday 17:00, Eurozone August CPI data; Eurozone July unemployment rate; Tuesday 22:00, US August ISM Manufacturing PMI, US July JOLTs job openings, US July construction spending month-over-month; Tuesday TBD, 2026 SCO Heads of State Council meeting; Wednesday 20:15, US August ADP employment change; Wednesday 22:00, US July factory orders month-over-month; Thursday 02:00, Fed releases Beige Book on economic conditions; Thursday 16:00, Eurozone August services PMI final; Thursday 17:00, Eurozone July PPI month-over-month; Thursday 20:30, US initial jobless claims for week ending August 29, Fed Governor Waller interview; Friday 03:00, 2026 FOMC voter Hammack delivers opening remarks at "Fed Communities" event; Friday 20:30, US August unemployment rate, US August seasonally adjusted nonfarm payrolls, US August average hourly earnings year-over-year and month-over-month. The highlight of next week's data calendar is Friday's US August employment report. This report is the final jobs data before the September 16 rate decision meeting and a key window to test the policy path following Warsh's hawkish stance. Earlier, Nvidia's strong earnings and roughly 70% next-fiscal-year revenue growth expectations had reignited AI trading enthusiasm. Dell (DELL.O) will report Q2 earnings after the close on Tuesday (September 1), with market expectations for adjusted EPS of $4.91, more than double year-over-year. Broadcom (AVGO.O) will report Q3 fiscal 2026 earnings after the close on Wednesday (September 2).