Initial Guidance | 3 September 2015

● ADP: A moderate rise for US private employment in August
● US factory orders rise on higher auto demand in July
● Fed’s Beige Book: US expansion continues in July and August
● US mortgage applications surged last week
● Gallup’s US Job Creation Index remains at record high in August
● Eurozone y-o-y rise in real retail sales accelerates to 2.7% in July
● Composite PMI: Eurozone economy “resilient” in August