Macroeconomics: The Day Ahead for 22 Aug 23

  • Busier run of second division data unlikely to distract markets for long;  digesting UK PSNB, Norway GDP; awaiting UK CBI Industrial Trends, US  Existing Home Sales; Richmond and Philly Fed surveys; Chalco tops earnings;  UK 10-yr Index-linked auction; focus on Fed speakers; S&P US Bank  downgrades and China concerns likely to cast a shadow

  • US Existing Home Sales see little changed, as low inventories continue  to drag along with higher mortgage rates


There is a little more in the way of economic data today, but the array of weaker than expected Norwegian GDP, better than expected UK PSNB, with UK CBI Industrial Trends survey and US Existing Home Sales, Philly Fed Services and Richmond Fed surveys ahead, are rather unlikely to create much of a stir in financial markets. Today’s Fed speakers lean towards the more dovish side of the FOMC, above all Goolsbee, and may voice some scepticism on any further rate hikes, though probably sticking to the ‘high for longer’ mantra.

The BRICS summit gets underway in South Africa, with the notable absence of Putin, and amid some divisions among founding members about expanding membership, and as previously noted the rather nonsensical idea of forming a common BRICS currency up for discussion.

Chalco leads the run of corporate earnings, which also has results from US retailers Dick’s Sporting Goods and Macy’s. Per se, ongoing concerns about China’s economic outlook, rising US Treasury yields and the latest bank downgrades by S&P are likely to continue to be the dominant factors.

To view the full report and to sign up for daily market commentary please email

Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.

ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.                  

A subsidiary of Archer Daniels Midland Company.

© 2024 ADM Investor Services International Limited.

Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

Latest News & Market Commentary

Explore the latest edition of The Ghost in the Machine

Explore Now