S&P 500 page 3

Key events: Eurozone - ECB's De Guindos Speaks Canada - BoC Business Outlook Survey Eurozone - ECB's Lane Speaks US - Federal Budget Balance Canada - BoC Senior Deputy Governor Rogers Speaks The fourth quarter earnings season of a tough year for stocks is here, while the S&P 500 Index lost 25% so far. The market is back at oversold levels, and the upcoming reporting season may help it show a short-term recovery that will please investors but is unlikely to last.

Key events: UK - Composite PMI (Sep)   UK - Services PMI (Sep)   USA - ADP Nonfarm Employment Change (Sep) USA - ISM Non-Manufacturing PMI (Sep) USA - Crude Oil Inventories   The bad news now means the possibility of good news from the Federal Reserve. "Bulls" in the gold market seem to be expecting a significant deterioration in the U.S. (not in terms of inflation, but in terms of economic growth), which would discourage the central bank from aggressively raising interest rates, thereby undermining markets.

Key events:

Key events:

Key events: UK - CPI (YoY) (Aug)

Key events: Spain - Spanish CPI (YoY) (Aug)

Key events: United States - Trade Balance (Jul) UK - BoE Gov Bailey Speaks Canada - BoC Interest Rate Decision Canada - Ivey PMI (Aug) Japan - GDP (QoQ) (Q2) Australia - Trade Balance (Jul)

Daily Market Analysis Key events: USA - Average Hourly Earnings (MoM) (Aug) USA - Nonfarm Payrolls (Aug) USA - Unemployment Rate (Aug)