It might be the first session of September on Friday, but the August lull is hardly likely to lift for one day, particularly with US markets getting set for their own long weekend, with the Labor Day holiday on Monday.
Hardly any corporate news is scheduled for release, so the main attraction will be the latest US jobs report, due as always on the first Friday of the new month.
July saw a 209,000 rise in US non-farm payrolls, better than expected, while the US unemployment rate fell to 4.3%, a new 16-year low, and average wages rose by 0.3%, the highest monthly rise since last October.
Together, the data lent support to the hawks at the Federal Reserve and increased the odds of another hike in US interest rates later this year.
The August data could provide more evidence to support a further increase in US borrowing costs, with economists at HSBC forecasting a 180,000 rise in non-farm payrolls, and a steady jobless rate at 4.3%.
In a preview, HSBC’s economists said: ”So far this year, monthly increases in non-farm payrolls have averaged 184,000.
“The underlying pace of growth is probably close to this average. However, nonfarm payrolls have often surprised to the downside in August.
“The outcome has fallen short of consensus expectations for the past six years in a row.”
The economists also said they expect US average hourly earnings to increase by 0.1% month-on-month, leaving the annualised rate of increase unchanged at 2.5%.
Significant events expected on Friday September 1:
Interims: EMIS Group PLC (LON:EMIS)
AGMs: Anglesey Mining PLC (LON:AYM)
Economic data: US non-farm payrolls, jobless rate, average weekly earnings; US construction spending; US ISM manufacturing report; University of Michigan final consumer confidence report