Newsquawk Daily Economic Releases - 28th August 2026
- Data: Japanese Tokyo CPI (Aug), Unemployment Rate (Jul), French/Spanish Prelim CPI (Aug), German Unemployment Rate (Aug), Canadian GDP (Jul), US Non-Farm Payrolls Annual Revision Prelim
- Events: Fed Jackson Hole Symposium (27-29th)
- Speakers: Fed Chair Warsh; ECB’s Schnabel
- Supply: Australia, Japan, Italy
- Credit Ratings: Fitch on France; Moody's on Switzerland; S&P on Portugal; Morningstar DBRS on the Netherlands
A session sheet of this kind bundles three distinct risk clusters that have historically traded differently. The non-farm payrolls annual revision is the least familiar to screens and the most capable of surprise: benchmark revisions have on past occasions materially rewritten the perceived level of employment, shifting the narrative around labour market cooling without any new monthly data, and front-end rates have moved on the print when the adjustment was large. Around it, the European prelim CPIs and German unemployment feed straight into ECB rate expectations, making Schnabel's remarks more market-relevant than usual when they land the same day as the inflation prints, a pattern where commentary given on data day has tended to carry extra weight. Jackson Hole frames everything: Fed chair appearances at the symposium have a track record of being used to signal policy shifts, and the address typically dominates the week's pricing regardless of the surrounding calendar. The sovereign rating actions, Fitch on France in particular, are worth noting since French reviews have in comparable episodes put the OAT-Bund spread in play when the outlook language moved, even without a downgrade. Supply from Italy alongside the ratings calendar adds a duration wrinkle to the European session.