White Line Weekly Preview｜Nonfarm payrolls, AI earnings reports, and global policy signals jointly test market expectations

Compiled by: Wu Says Blockchain

Validation deadline: UTC+8, August 30 — Preview period: UTC+8, August 31 to September 6

Key moments to watch this week:

Tuesday, September 1, 22:00 (UTC+8) | US July JOLTS + August ISM Manufacturing PMI

Both data points will simultaneously test US labor demand and manufacturing sector conditions. Focus will be on job openings, hiring rates, and whether ISM employment and prices components show strength together, which could shift market views on the September rate path.

Wednesday, September 2, 04:30 (UTC+8) | Dell Technologies Q2 FY2027 Earnings Call

The company will release results prior to the call; key points are AI server orders, fulfillment of backlog orders, Infrastructure Solutions Group margins, and whether memory and supply chain costs start to impact profits.

Thursday, September 3, 02:00 (UTC+8) | Federal Reserve Beige Book

The Beige Book will provide the latest evidence on employment, wages, prices, and business demand across regions. The market will use this information to assess whether the economic slowdown has broadened and if there is room for the Fed to further tighten policy at the September meeting.

Thursday, September 3, 05:00 (UTC+8) | Broadcom Q3 FY2026 Earnings Call

Watch for continued growth in custom AI accelerators, AI networking, and related chip revenue, as well as whether new orders, customer concentration, supply capabilities, and future guidance continue to support market expectations for AI CapEx.

Thursday, September 3, 22:00 (UTC+8) | US August ISM Services PMI

The services sector remains a key source of US employment and inflationary pressure. The employment, new orders, and prices paid components will help determine whether economic resilience is still sufficient to maintain a tight rate environment.

Friday, September 4, 20:30 (UTC+8) | US August Nonfarm Payrolls Report

This is the most important macro data point of the week; new nonfarm jobs, unemployment rate, average hourly earnings, and previous revisions will collectively shape how the market assesses US job market strength and directly influence interest rate expectations ahead of the September Fed meeting.

Additionally, the G20 Finance Ministers and Central Bank Governors Meeting (August 31 - September 1), the Eurozone's August CPI flash estimate and July unemployment rate (September 1, 17:00 UTC+8), and Fed Governor Waller's economic outlook interview (September 3, 20:30 UTC+8) are also noteworthy. The G20 will focus on exchange rates, global economic imbalances, and digital asset policy, while the Eurozone CPI and Waller's comments may influence interest rate expectations for the European Central Bank and the Fed in September, respectively.

In summary:

This week mainly addresses two questions—will US employment, Eurozone inflation, and central bank commentary further raise global interest rate expectations, and can Dell and Broadcom's orders and outlook prove that AI CapEx is still converting into revenue and profit.