Macro Briefing: 23 August 2024

* Markets will focus on today’s speech by Fed Chairman Powell at Jackson Hole
* US existing home sales rise in July–first monthly gain in 5 months
* Canada government ends rail strike, ordering arbitration for labor dispute
* July economic output slowed: Chicago Fed Nat’l Activity Index
* US jobless claims up slightly, remain middling vs. recent history
* US economic activity eases in August but still points to 2%-plus growth: PMI

China appears to be gearing up for a new global trade war, reports The Wall Street Journal. “Beijing’s solution to a weak Chinese economy — putting the country’s factory sector on steroids — is squeezing businesses around the world and raising the specter of a new global trade war.”