Absolutely. Yeah. Thanks Matt. It's been another complex week for financial markets with the US labour markets focus front and centre. But as global growth continues to move closer to front of mind the policy evolutions in China and the Eurozone China, adding further economic support measures and Europe are more subtle, but clearly more concern about the evolution of growth from a monetary policy perspective are also contributing to the macroeconomic complexities and against the current backdrop. Now payroll's their big focus into the close of this week and the start of September where a pickup in the labour force drove the unemployment rate higher. As the labour market tightness continues to ease, there are, however, a few things that we are looking out for next week.

Firstly, markets will be very attentive to the data and rhetoric out of Asia next week as well as the prospect of further policy support measures or tweaks. Now, China Services PMI for August on Tuesday will be closely watched as will Australian trade data. However, with the new stimulus measures, something that we mentioned on our last podcast yet to feed through into the data. Equity risk equity and risk sentiment will be closely watched for indications of the perceived effectiveness and sustainability of policy support.

Secondly in Europe will also be a big focus next week. Not only linked to the Chinese demand cycle, but also in terms of domestic investor sentiment for which we get data on Monday consumer inflation expectations, where we also get data on Tuesday and any incremental changes to the monetary policy trajectory therein. Now, last week saw a concerted if moderate dovish emphasis changes from ECB speakers notably Schnabel and Lane. With respect to the balance of risks between growth and inflation, German factory orders and industrial production for July, alongside the Eurozone Q2 GDP revision will be closely watched to update expectations of current growth momentum in the region.

Finally, and for us, most importantly, next week will be dominated by US macro, following on from the important payroll report that closed last week. Now a slow start to next week with the US Labour Day holiday, traditional marker for the end of the summer period on Monday. But with the important service sector ISM on Wednesday. And a plethora of Fed speakers on Wednesday and Thursday, we'll get an important emphasis on the economic and policy evolution in the US. As we discuss further in this week's blog, we expect those who have recently emphasized the risk of a re-acceleration of growth and thus inflation to be disappointed as growth continues to moderate supported, at least in part by continued sharp declines in inflation leaving something more like a soft landing for the economy and a hard landing for inflation from our viewpoint, an important week for the US and for the global macro next week.