Newsquawk Daily Economic Releases - 3rd September 2026

The heaviest items are the US slate: final services and composite PMIs, jobless claims, Challenger layoffs and the trade balance ahead of the payrolls report later in the week, a sequencing that has historically meant labour-adjacent prints carry outsized weight as the last data checkpoint before the jobs number. ISM services is the likeliest single mover of the day, with the prices-paid sub-index typically doing as much work on the front end as the headline, and the employment component read as a payrolls tell. The Fed speaker roster (Waller, Hammack, Goolsbee) covers both wings of the committee; commentary of this kind in the pre-payrolls window has tended to shape timing expectations at the front of the curve rather than the terminal rate. On the Asia side, the Chinese services PMI and Australian trade data set the AUD and CNH tone into the European open, with RBA speakers Jones and Hunter adding a policy read-through. European supply from Spain and France alongside Japan is the usual duration test; syndicated auctions of this size have on previous occasions steepened curves intraday where demand was soft. The Swiss CPI and GDP prints are the regional outliers worth noting given the franc's rate sensitivity.