China is on holiday towards the end of the week, which in recent history probably makes most of us sigh in relief.
In the US this week we got the release of August economic data – manufacturing continued to ease back in its rate of growth (still positive), hindered by the stronger USD. However non-manufacturing sectors (Services) remain red-hot, and within touching distance of 10-year highs.
The oil market this week had its biggest 3-day jump since the Iraqi invasion of Kuwait, after traders extrapolated OPEC remarks that it might seek agreement with non-OPEC players to reduce supply to shore up the crude oil price.
This suggestion seems a little fanciful, but the spike in the oil price does indicate an increasing level of support emerging at these depressed prices.
Lastly in Europe, the European Central Bank (ECB) left open the possibility of increased stimulus were it needed, by easing the terms of its asset purchase plan. This was well taken by European share-markets, which all rallied strongly Thursday night.
Tonight we get US August payrolls, which will likely be a key release for the markets given recent speculation over the timing of US interest rate rises (next Federal Reserve meeting September 18).