Highlights
Many markets in Europe and Asia are closed for the May Day or Labor Day public holidays on Wednesday. The US and Canadian markets are open.
In the UK, no revisions are expected to the April manufacturing PMI, leaving a 48.7 headline index, down from March's final 50.3.
Among US data, the ADP payroll data for April is forecast to show employment growth of 175,000. This would compare with March growth in private payrolls reported by the Bureau of Labor Statistics of 232,000. ADP's number for March was 184,000.
The final US manufacturing PMI for April is expected to come in at 49.9, unchanged from the mid-month flash and down 2 points from March.
US manufacturing activity is expected to be nearly flat in April after posting the first expansion in 17 months in March on recovering new demand and production and slower contraction in employment. The Institute for Supply Management (ISM) index is seen falling 0.3 percentage point to the neural reading of 50.0 in April after rising 2.5 pints to 50.3 in March and falling 1.3 points to 47.8 in February.
Construction spending is expected to increase 0.5 percent on the month in March versus February's 0.2 percent dip that masked a solid gain for single-family homes.
The Labor Department's JOLTS report is expected to show continued solid job openings in March at a consensus 8.7 million versus February's as-expected 8.756 million.
At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee is scheduled to announce the outcome of its two-day policy meeting. The FOMC is widely expected to leave the target range for the federal funds rate in a range of 5.25 to 5.50 percent, which was last raised in July 2023. The Fed is keeping restrictive monetary conditions to bring inflation back to its 2 percent target from above 3 percent amid still tight labor conditions.
Federal Reserve Chair Jerome Powell will hold a post-meeting news conference at 2:30 p.m. EDT (1830 GMT).
In South Korea, the annual consumer inflation in April, which in March held steady at 3.1 percent, are expected to edge marginally lower to 3.0 percent.
Australia's international goods trade surplus is forecast at A$7.40 billion in March, widening from a lower-than-expected A$7.28 billion surplus in February.
In the UK, no revisions are expected to the April manufacturing PMI, leaving a 48.7 headline index, down from March's final 50.3.
Among US data, the ADP payroll data for April is forecast to show employment growth of 175,000. This would compare with March growth in private payrolls reported by the Bureau of Labor Statistics of 232,000. ADP's number for March was 184,000.
The final US manufacturing PMI for April is expected to come in at 49.9, unchanged from the mid-month flash and down 2 points from March.
US manufacturing activity is expected to be nearly flat in April after posting the first expansion in 17 months in March on recovering new demand and production and slower contraction in employment. The Institute for Supply Management (ISM) index is seen falling 0.3 percentage point to the neural reading of 50.0 in April after rising 2.5 pints to 50.3 in March and falling 1.3 points to 47.8 in February.
Construction spending is expected to increase 0.5 percent on the month in March versus February's 0.2 percent dip that masked a solid gain for single-family homes.
The Labor Department's JOLTS report is expected to show continued solid job openings in March at a consensus 8.7 million versus February's as-expected 8.756 million.
At 2 p.m. EDT (1800 GMT), the Federal Open Market Committee is scheduled to announce the outcome of its two-day policy meeting. The FOMC is widely expected to leave the target range for the federal funds rate in a range of 5.25 to 5.50 percent, which was last raised in July 2023. The Fed is keeping restrictive monetary conditions to bring inflation back to its 2 percent target from above 3 percent amid still tight labor conditions.
Federal Reserve Chair Jerome Powell will hold a post-meeting news conference at 2:30 p.m. EDT (1830 GMT).
In South Korea, the annual consumer inflation in April, which in March held steady at 3.1 percent, are expected to edge marginally lower to 3.0 percent.
Australia's international goods trade surplus is forecast at A$7.40 billion in March, widening from a lower-than-expected A$7.28 billion surplus in February.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.
