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The U.S. Labor Department releases revised data on nonfarm productivity and labor costs for the
second quarter. (0830/1230) Productivity is expected to have risen by 2.8 percent on an
annualized basis instead of a previously reported 1.3 percent pace. The unit labor cost, the
price of labor per unit of output, is expected to have fallen at a revised 1.0 percent rate.
Separately, the Commerce Department will release factory orders data for July. New orders for
manufactured goods are expected to have increased 0.9 percent in July after rising 1.8 percent
in June. (1000/1400) A separate report is expected to show private employers stepped up hiring
in August, a sign of labor market strength that could give a cautious Federal Reserve the
ammunition to raise interest rates this year. The ADP National Report is expected to show that
private payrolls increased 201,000 in August after rising 185,000 in July. (0815/1215)
Meanwhile, the Fed will issue its so-called Beige Book, a compendium of anecdotes on the health
of the economy drawn from the central bank's sources across the nation. (1400/1800)
Canadian department store chain Sears Canada Inc is expected to report a smaller quarterly loss
for the second straight quarter, helped by improved demand in the back-to-school shopping
season. The company has launched a couple of new programs, including one that allows customers
to exchange children's clothing, once, for the next size up. Another program gives customers a
warranty covering children's clothing and footwear items from wear and tear as long as a child
continues to wear the size. When Sears Canada reports its results, investors will want to know
about the company's hunt for a new CEO and its plans to boost sales while keeping costs low.
Brazil will release data on its industrial output, which is expected to have slid further in
July to a seasonally-adjusted 0.1 percent as the steepest recession in at least two decades
curbed consumer demand and led to an inventory pile-up at many factories in the country.
(0800/1200) It will also release its capital flows and foreign reserves data. (1130/1530)
Separately, Brazilian central bank's monetary policy committee, known as Copom, is expected to
keep its benchmark Selic rate on hold on the second day of its ongoing meeting, pausing one of
the world's boldest tightening cycles to safeguard an economy sinking into a painful recession.
A deepening fiscal crisis that threatens to strip Brazil of its investment-grade rating is
pressuring the bank to keep lifting rates, but most economists see the bank ending the
tightening cycle for now as inflation expectations have subsided.
Tim McMillan, president of the Canadian Association of Petroleum Producers sits down for
in-depth interview with Reuters about the future of Canadian oil and gas companies.
LIVECHAT - FIXED INCOME STRATEGY with Richard McGuire, head of rates strategy, Rabobank
With markets on a wild ride and the odds of a Federal Reserve rate hike later this month
changing by the day, we chat with Richard McGuire, head of rates strategy at Rabobank, at
0500/0900 to see what it might all mean for yields on both sides of the Atlantic. To join the
Global Markets Forum, click here http://bit.ly/1kTxdKD