The global economic outlook and the trajectory of interest rates will be in focus this week, while an official from Australia’s central bank will discuss the risks climate change pose to the financial system.
The Jackson Hole Economic Symposium will on Friday bring together US and international policymakers and academics to discuss key long-term economic issues, with interest rates and inflation likely to dominate the meeting.
Federal Reserve chair Jerome Powell will give the opening address.
In Australia, the weekly ANZ-Roy Morgan consumer confidence report, due on Tuesday, will highlight the potential impact on spending of increasing cost-of-living pressures.
The release of wages data and employment last week will likely spur further speculation about the Reserve Bank’s September cash rate decision.
NAB economists expect to see another 50-basis-point hike, with the tight labour market confirmed by ABS data signalling the need to return to higher interest rates fairly rapidly.
The Reserve Bank’s head of domestic markets, Jonathan Kearns, will on Wednesday deliver a speech on climate change risks in the financial system.
Later in the week, the ABS will release detailed job vacancy and labour force data, which will highlight the latest regional jobless rate after it hit a record low of 3.7 per cent in June.
US shares ended last week down after notching up four consecutive weeks of gains, setting up the Australian market for a drop on Monday.
Tech giants Amazon, Apple and Microsoft led US markets down amid rising interest rates.
On Friday, the S&P 500 dropped 55.26 points, or 1.29 per cent, to 4228.48, while the Dow Jones Industrial Average fell 292.3 points, or 0.86 per cent, to 33,706.15.
The tech-heavy Nasdaq Composite index dropped more sharply, shedding 260.13 points, or 2.01 per cent, to 12,705.22.
Australian share futures were down 29 points, or 0.41 per cent, to 6994.
The benchmark S&P/ASX200 index ended Friday up 1.7 points, or 0.02 per cent, to 7114.5.
