JPM US Market Intelligence Macro Week Ahead Aug 20

MACRO WEEK AHEAD: WEEK OF AUGUST 24, 2026

US CALENDAR ECONOMICS • AUG 24 – Chicago Fed Nat Activity Index at 8.30am ET. • AUG 25 – ADP Weekly Employment Change at 8.15am ET. Philly Fed Non-Mfg Activity at 8.30am ET. FHFA House Price Index at 9am ET. Richmond Fed Mfg Index at 10am ET. • AUG 26 – Mortgage Applications at 7am ET. Personal Income and Personal Spending, PCE Price Index, Durable/Cap Goods Orders and GDP (revision) at 8.30am ET. • AUG 27 – Advance Goods Trade Balance, Retail Inventories, Wholesale Inventories and Initial/Continuing Jobless Claims at 8.30am ET. KC Fed Mfg Activity at 11am ET. Jackson Hole Symposium: AUG 27-29 • AUG 28 – Jackson Hole Symposium: Warsh will speak in the morning. MNI Chicago PMI at 9.45am ET. Prelim. Benchmark Payrolls Revision and U. of Mich. Sentiment/Expectations (revision) at 10am ET. KC Fed Services Activity at 11am ET.

EARNINGS • AUG 24 – N/A • AUG 25 – DKS, HET, INTU, SMTC, WSM, ZM, ZS • AUG 26 – ANF, BBWI, CRWD, DG, DLTR, DY, HPQ, MOD, NTNX, NVDA, OKTA, P, SNPS, STDN, VEEV, WSM, CRM • AUG 27 – ADSK, AFRM, BBY, BURL, ESTC, FPS, GAP, HUBG, IPST, MRVL, OBX, PURR, RBRK, S, ULTA, WDAY • AUG 28 – HUBG

GLOBAL CALENDAR • AUG 24 – N/A • AUG 25 – (Japan) Leading Index CI (revision) at 1am ET. (Germany) GDP SA (revision) at 2am ET. (France) Consumer Confidence at 2:45am ET. (Germany) IFO Business Climate at 4am ET. (Japan) PPI Services at 7:50pm ET.

• AUG 26 – (Japan) Japan Buying Foreign Bonds, Foreign Buying Japan Bonds/Stocks at 7:50pm ET. (China) Industrial Profits at 9:30pm ET. • AUG 27 – (Germany) GfK Consumer Confidence at 2am ET. (France) PPI at 2:45am ET. (Eurozone) M3 Money Supply at 4am ET. (Japan) Tokyo CPI at 7:30pm ET. (Japan) Jobless Rate at 7:30pm ET. • AUG 28 – (France) CPI (revision), GDP (revision) at 2:45am ET. (Germany) Unemployment Change 3:55am ET. (Eurozone) Consumer Confidence (revision) at 5am ET. (Canada) GDP at 8:30am ET.

NEAR TERM CATALYSTS – CPI (Sep 11, Oct 14), ISM-Mfg (Sep 1, Oct 1), ISM-Srvcs (Sep 3, Oct 5), PMI-Mfg and PMI-Srvcs (Aug 21, Sep 23, Oct 23), NFP (Sep 4, Oct 2), PCE (Aug 26, Sep 30, Oct 29), Retail Sales (Sep 16, Oct 15). FED DATES: Jackson Hole (Aug 27-29), Sep 16, Oct 28, Dec 9

AI / TECH CATALYSTS • JULY (Delayed; TBD) – Google Gemini 3.5 Pro Launch. • AUG – Z.AI's GLM 5.5 release. • EARNINGS – NVDA (AUG 26), AVGO (SEP 2) • SEP 13-15 – All-In Summit 2026 (LA, California). • SEP 23-24 – META Connect. • SEP (TBD) – Alibaba Apsara Conference. • NOV 30 – DEC 4 – AWS re:Invent.

POLITICAL CATALYSTS • SEP – US and China will hold AI talk (RTRS). • SEP 24 – Xi’s potential visit to the US (BBG). • OCT 4 – Brazil General Election. • NOV 1 – Expiration of the one-year trade truce agreement between Trump and Xi. • NOV 3 – US Mid-term Election. • NOV 18-19 – APEC Economic Leaders Meeting (Shenzhen, China). • DEC 15-16 – G20 Summit in Miami (here)