Breaking news: Relief from Nord Stream restart

The week of economic data out of the US will reach its peak with the release of the August jobs report, and a solid increase of 300,000 job vacancies is expected.

In the non-agricultural sector. Also, there will be data on orders for durable goods. European gas prices are falling as fears of a distal shutdown of a key gas pipeline subside. The US stock market will open flat, but Lululemon is set for strong gains after raising its full-year guidance. Oil has risen in price, but the price for it is on the path of the lowest weekly close in 8 months. And East Asia is preparing for the most destructive typhoon of the year. Here’s what you need to know about the financial market on Friday, September 2nd.

1. Report on vacancies

In the US, the monthly labor market report is due at 0830 ET (1230 GMT), ending a week in which economic data showed that the US economy is – at least for now – far from recession.

The Labor Market Report is likely to confirm this with a rise of 300,000 non-farm payrolls, a number that, despite slowing from the previous year, is still considered a decent gain in any normal month. Keeping in mind the hawkish comments of the US Federal Reserve last week, a significant unexpected decline in this indicator will be required to change market sentiment.

As usual, attention will also be focused on revenue growth, which is expected to slow only marginally to 0.4% m/m at 5.3% y/y, well below the current rate of inflation. Separately at the same time, the US is also to publish data on durable goods orders for August.

2. Relief due to the restart of Nord Stream

Gas prices in Europe fell after the operator of the Nord Stream gas pipeline, which brings gas from Russia to Germany, said that supplies through this channel would resume on Saturday, as previously announced by the Russian gas monopoly Gazprom (MCX: MCX:GAZP).

The news dispelled fears that Gazprom, under the pretext of maintenance, would shut down the pipeline for a longer period in order to force Europe to withdraw its support for Ukraine.

Underlying NW Europe gas futures fell 13.2% to a 3-week low of €210/MWh, though still 10x its usual pre-Ukraine sting levels and continuing to trade at a European crisis. industry level.

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3. The US market will open mixed; Lululemon shares rallied on good results

US equities open mixed after another generally negative trading day on Thursday, which extended the NASDAQ Composite’s losing streak to 5 straight days, although the Dow and S&P managed to break their losing streak.

By 6:15 AM ET (1015 GMT), Dow Jones futures were up 16 points, or less than 0.1%, while the S&P 500 futures contract was flat and the Nasdaq 100 futures contract fell another 0.1%.

Markets appear to be calm ahead of the labor market report, but Bed Bath & Beyond (NASDAQ:BBBY) is in for another tough day as shares shed 5.6% in premarket trading while Lululemon (NASDAQ:LULU) ) rose almost 10% after it beat its last quarter guidance and raised its guidance for the rest of the year.

DocuSign (NASDAQ:DOCU), a proxy for the “non-profit tech” sector, tops a meager income list.

4. East Asia prepares for a typhoon

The South Korean stock market fell and the country’s currencies — won — weakened as the country braces for a devastating typhoon that will reportedly be the worst storm since records began.

Predictive models suggest that Typhoon Hinnamnor will move north through the East China Sea, destroying mainland China, Japan, and the Korean Peninsula. The storm will continue at least at Category 3 (about 115 mph) until Monday morning, when its focus approaches Nagasaki and Busan.

The storm is expected to bring up to 10 inches of rain to the Korean capital Seoul for 48 hours.

5. Oil rises amid Kremlin warning about price cap plans

Crude oil prices rose, though still on a week-end course of decline amid fears of another drop in Chinese demand and continued pain from a strong dollar exchange rate.

The Kremlin had warned the previous day that it would refuse to ship oil to any country that agreed with US and European plans to set cap prices for Russian oil exports.

By 6:30 AM ET (1030 GMT), U.S. crude futures for WTI rose 2.2% to $88.50 a barrel and Brent rose 2.1% to $94.26 a barrel. They are still on track for their lowest weekly close since January.

Rounding out the week are US rig counts from Baker Hughes and positioning data from the CFTC.