Economic Data in Focus as Hurricane Harvey Rips Through Texas

This article was posted on Monday, 07:26, UTC.

A deluge of economic data this week will make its way through the financial markets, culminating in a high-profile U.S. jobs report on Friday.

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Asian markets were off to a rocky start on Monday as investors assessed the catastrophic impact of Hurricane Harvey.

Hurricane Harvey Rocks Texas

Hurricane Harvey has caused “unprecedented” flooding in the Houston, Texas area that is “beyond anything experienced,” according to local officials. At least three people have been killed after the Cat-4 hurricane made landfall on Friday, where it was downgraded to a tropical storm.

Meteorologists are forecasting the historic rainfall to continue through Wednesday.

The massive storm has halted about one-quarter of oil production in the Gulf of Mexico and 10% of U.S. refining capacity. The economic impact of the storm could reach $24 billion when factoring the relentless flooding and destruction of major infrastructure. That pales in comparison to Hurricane Katrina, which in 2005 caused $160 billion in damages.

In commodities, gasoline futures on the New York Mercantile Exchange spiked 6% in Singapore. West Texas Intermediate (WTI) crude futures were down slightly in midday trade.

Meanwhile, Asian equities fluctuated and U.S. stock futures fell as investors weighed the damage.

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In currencies, the U.S. dollar index (DXY) fell to fresh 19-month lows on Monday. The greenback suffered a large decline following Janet Yellen’s Jackson Hole speech on Friday.

Economic Calendar

The economic calendar features several high-profile events this week. Below is a rundown of the major market-moving events over the next five days.


  • U.S. Dallas Fed Manufacturing Business Index (Aug)


  • Japan employment (July) and household spending (July)
  • Germany GfK Consumer Confidence Survey (Sept)
  • U.S. S&P/Case-Shiller Home Price Indices (June)


  • U.K. Inflation Report Hearings
  • Germany preliminary Consumer Price Index (Aug)
  • U.S. ADP Employment Change (Aug) and revised Q2 GDP


  • China official Manufacturing and Non-Manufacturing PMI (Aug)
  • Germany Retail Sales (July) and Unemployment (Aug)
  • Eurozone preliminary Unemployment (July) and Consumer Price Index (Aug)
  • U.S. Personal Income and Outlays (July)
  • Canada Q2 GDP


  • Eurozone Composite PMI (Aug)
  • Germany Composite PMI (Aug)
  • U.K. Manufacturing PMI (Aug)
  • U.S. Nonfarm Payrolls (Aug) and ISM Manufacturing PMI (Aug)

Other Key Events

In addition to economic data, other key events this week include the U.S. Treasury’s issuance of $132 billion in notes and bills on Monday. Meanwhile, the United Kingdom is set to resume Brexit talks with the European Union. Talks officially began in June after the U.K.’s snap parliamentary election.

On the geopolitical front, U.S. Secretary of State Rex Tillerson said on Sunday that Washington will continue to push for negotiations with North Korea to deescalate nuclear tensions in the region. Pyongyang fired three ballistic missiles over the weekend.

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