“The fight is won or lost far away from witnesses – behind the lines, in the gym, and out there on the road, long before I dance under those lights.” — Muhammad Ali

1. Chinese PMI services and manufacturing shows growth — China’s non-manufacturing PMI slipped to 53.9 in August from 54.1 in July but stayed firmly in expansion territory. The reading shows China’s manufacturing industry is growing as well.
2. Eurozone business activity grows at fastest pace in two years — the eurozone composite PMI rose to 51.5 in August from 50.5 in July, indicating the fastest rate of expansion since 2011. The services index climbed to 50.7 from 49.8, representing the first increase in activity for a year and a half.
3. Manufacturing Expanded for the third straight month — US factory growth expanded to a 2-year high of 55.7 in Aug according to the latest ISM number. The data suggests that the economy is strengthening more than anticipated.
4. U.S. Car Sales Soar to Pre-Slump Level — WSJ, U.S. light vehicle sales hit 1.5M in August to record the best month for the industry since May 2007. At 16.09M, the annual U.S. automobile selling rate topped the estimates of most analysts and shows the sector is set up well with new model introductions arriving this fall amid tight inventory.
5. Fed ‘s Beige Book – Summary of Commentary on Current Economic Conditions by Federal Reserve District — FOMC, reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest to moderate pace during the reporting period of early July through late August. Robust demand for autos and housing-related goods fueled an increase in consumer spending across most districts, residential real-estate activity “increased modestly,” credit quality showed improvement, and lending activity was characterized as “mixed.”
6. World Powers Remain Divided Over Syrian Action at G-20 — WSJ, World leaders gathering for a summit remained divided over whether to back punitive military strikes on the Syrian regime, reflecting the domestic political concerns many of their leaders are facing. Italy is reportedly concerned about sparking a wider conflict, Germany wants to take the matter to the ICC and Russia is reluctant to take a stance against Assad.

The week ahead — Economic data from Econoday.com:

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