JPM US Market Intelligence Macro Week Ahead

MACRO WEEK AHEAD: WEEK OF AUGUST 17, 2026

US CALENDAR ECONOMICS • AUG 17 – Empire Mfg at 8:30am ET. NAHB Housing Market Index at 10am ET. TIC Flow at 4pm ET. • AUG 18 – ADP Weekly Employment Change at 8:15am ET. NY Fed Services Business Activity, Import Price, Export Price, Housing Starts, Building Permits at 8:30am ET. Industrial Production, Mfg Production, Capacity Utilization at 9:15am ET. Pending Home Sales at 10am ET. • AUG 19 – Mortgage Applications at 7am ET. FOMC Meeting Minutes at 2pm ET. • AUG 20 – Philly Fed Business Outlook, Initial/Continuing Jobless Claims at 8:30am ET. Leading Index at 10am ET. • AUG 21 – PMI-Mfg, PMI-Srvcs and PMI-Composite at 9:45am ET.

EARNINGS • AUG 17 – N/A • AUG 18 – HD, KEYS • AUG 19 – ADI, EL, IOND, LOW, TJX, TGT, WOLF • AUG 20 – DE, ROST, WMT • AUG 21 – REPL

GLOBAL CALENDAR • AUG 16 [SUNDAY] – (Japan) GDP at 7:50pm ET. (China) Retail Sales, IP and Fixed Assets at 10:00pm ET. • AUG 17 – (Japan) IP (revision) and Tertiary Industry Index at 12:30am ET. (Canada) CPI/PPI at 8:30am ET. • AUG 18 – (UK) Average Weekly Earnings, ILO Unemployment at 2:00am ET. (Germany) ZEW Survey Expectations at 5:00am ET. (Eurozone) ZEW Survey Expectations at 5:00am ET. (Canada) Housing Starts at 8:15am ET. (Japan) Core Machine Orders at 7:50pm ET.

• AUG 19 – (UK) CPI/PPI and Retail Price Index at 2:00am ET. (Eurozone) CPI (revision) at 5:00am ET. (Japan) Trade Balance at 7:50pm ET. • AUG 20 – (Germany) PPI at 2:00am ET. (Canada) IP at 8:30am ET. (UK) GfK Consumer Confidence at 7:01pm ET. (Japan) CPI at 7:30pm ET. (Japan) PMIs at 8:30pm ET. • AUG 21 – (UK) Public Finances, Retail Sales at 2:00am ET. (France) PMIs at 3:15am ET. (Germany) PMIs at 3:30am ET. (Eurozone) PMIs at 4:00am ET. (UK) PMIs at 4:30am ET. (Canada) Retail Sales 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)