Next Week Macro Outlook: Non-Farm Payrolls to Test September Rate Hike Expectations, G20 Central Bank Governors Reunite, Broadcom, Dell Earnings Reports to Lead AI Trading

BlockBeats News, August 30th – Next week, the market will see the release of the US non-farm payrolls report, the G20 Finance Ministers and Central Bank Governors Meeting, and the Fed's Beige Book. Among them, the US August employment report released on Friday will be the last non-farm data before the September 16th Fed interest rate meeting, serving as a key checkpoint to test the September rate hike expectations.

A Reuters survey shows that the market expects the US August non-farm payrolls to increase by 58,000, with the unemployment rate remaining at 4.1% and average hourly earnings rising by 0.2% on a month-over-month basis. If the employment data continues to weaken, the market may reassess the urgency of a September rate hike; if the data shows that the labor market remains resilient, rate hike expectations may be further solidified. Currently, market pricing indicates that the probability of a September Fed rate hike has risen to nearly 60%, with the probability of a rate hike before December exceeding 90%.

Additionally, the G20 Finance Ministers and Central Bank Governors Meeting will be held in Asheville, North Carolina, USA on Monday and Tuesday. This is another prominent appearance of global central bank governors following the Jackson Hole Symposium, and statements regarding inflation and monetary policy from all parties are worth noting. The Fed will also release its last Beige Book before the September interest rate meeting. In summary, the key macro events next week are as follows:

Monday to Tuesday, G20 Finance Ministers and Central Bank Governors Meeting;

Tuesday 21:45, the US will release the final value of the August S&P Global Manufacturing PMI; 22:00, the US will release the August ISM Manufacturing PMI;

Wednesday 20:15, the US will release the August ADP employment figures; 21:45, the Bank of Canada will announce its interest rate decision, with the market expecting it to maintain the rate at 2.25%;

Thursday 02:00, the Fed will release the Beige Book; 20:30, the US will release initial jobless claims, and Fed Governor Waller will give an interview; 22:00, the US will release the August ISM Non-Manufacturing PMI;

Friday 03:00, FOMC voter and Cleveland Fed President Harker will speak; 20:30, the US will release the August non-farm payrolls and unemployment rate.

On the earnings front, Dell will announce its second-quarter results after the US market closes on Tuesday, with the market expecting an adjusted EPS of $4.91; Broadcom will announce its fiscal third-quarter 2026 results after the US market closes on Wednesday, with the market expecting revenue of around $29.4 billion and EPS of $3.24. The performance and guidance of these two companies will further test the demand for AI servers, custom chips, and network equipment.