In the US the main focus is likely to be on August retail sales (Thursday) which are expected to show a rebound in underlying retail sales growth to around 0.3%mom after a soft July. Note that the retail sales are now only 43% of total consumer spending in the US. Meanwhile, expect a fall in industrial production but slight improvements in the Philadelphia and New York manufacturing conditions indexes (also Thursday) and core CPI inflation for August to have remained around 2.2% year on year (Friday).

Chinese August activity data (Tuesday) is expected to show a slight improvement for industrial production to 6.1% year on year, no change in retail sales at 10.2% year on year and a slight fall in fixed asset investment.

In Australia, expect the August NAB business conditions and confidence surveys (Tuesday) to hang around the okay levels seen in July, consumer confidence (Wednesday) to be little changed and August jobs data (Thursday) to show a 15,000 gain with unemployment remaining rising back to 5.8%.