review the upcoming economic events that you should be monitoring during the week. Equities

currencies and commodities were on a roller coaster as investors grappled with what could

be a worse-than-expected slowdown in China, the world's second-largest economy. Those

fears were reignited earlier this month when China unexpectedly devalued its currency,

a move that signaled the government's concern about growth, and kicked into higher gear

as economic data continued to show lackluster Chinese growth.

In the US, tepid earnings growth and uncertainty about the timing of the Federal Reserve's

first increase in rates in nearly a decade are also sparking concerns.

What started out as a quiet week went completely haywire, you can never know what to expect.

This week promises to be even more exciting as the economic calendar is packed full of

major events and Fed speakers. Late last week Federal Reserve members seemed to turn back

around supporting a September rate increase after US GDP soared above expectations. The

CBOE Volatility Index rose 5.5 per cent to 27.53 on Friday, remaining above its 10-year

average of about 20 for the sixth session in a row. The VIX is based on S&P 500 options

that investors tend to rush to when they're fearful of a pullback.

The main focus this week will be Friday’s nonfarm payroll report on Friday. Solid data

this week could send the Fed’s back into center stage. The jobs data is pivotal to

the debate on when the Federal Reserve starts the rates ‘normalization’ process, that

is, the time when the Fed lifts rates from zero, but for the Fed to be confident about

lifting rates in September, members don’t just want to see job growth and lower unemployment

but also evidence of inflation in the form of rising wages.

Monday finds the UK closed for Summer bank holidays and the end of the week will see

US traders beginning to begin the long Labor Day holiday.

On Tuesday, the ISM manufacturing index is released in the US. A reading of 53 is tipped,

above the 50 line that separates contraction from expansion. Data on construction work

is also issued with the monthly figures on new auto sales. The usual weekly chain store

sales figures are also released. In China, the official purchasing manager

indices are released on Tuesday. That is, the National Bureau of Statistics will release

the surveys covering both manufacturing and services sectors. The surveys are more reliable

than the private sector surveys and the survey sample is much larger.

On Wednesday, the ADP report of private payrolls is issued, the precursor to Friday’s official

job data. Economists expect job growth of around 205,000 in the month.

On Thursday traders will focus on the ECB rate decision and Mr. Draghi’s press conference.

In the US estimates on international trade are issued for July. The trade deficit may

have widened from US$39.8 billion to US$42 billion in the month. The ISM services index

for August is also released on Thursday together with the Challenger series on job layoffs.

The regular weekly data on claims for unemployment insurance is also issued.

And on Friday, the highlight of the week arrives. The August jobs market data is released with

most focus on employment -- the non-farm payrolls series. The job market has improved markedly

over time with job growth now consistently above 200,000 every month. And the jobless

rate stands at 5.3 per cent. Economists tip job growth of 215,000 for August and unemployment

at 5.2 per cent.