From wsj.com’s “U.S. Stock Futures Tick Up Ahead of Economic Data” posted early Tuesday:
Industrial production figures for August, due at 9:15 a.m. ET, are expected to show an increase, led by a rise in manufacturing output. The figures will be closely scrutinized by investors as an indicator of the extent of the economic recovery in the world’s largest economy.
Earlier Tuesday, key economic statistics showed that China’s economic recovery accelerated in August. Retail sales in the Asian nation returned to pre-coronavirus levels with their first month of growth this year. Other major indicators, including factory production, investment and property activity, all gathered pace, signaling a strong rebound for the world’s second-largest economy.
“It paints a fairly robust picture of the Chinese economy,” said Sebastien Galy, a macro strategist at Nordea Asset Management. “It’s a solid positive surprise, but the data tells you more about the message the Chinese government wants to give you…”
In the U.S., “a lot of people will be looking to industrial production to see if the economic recovery is picking up,” Mr. Galy said. “I wouldn’t be surprised if we also see good numbers there, there’s a lot of pent-up demand in the U.S.”
My take: People will also be looking to Apple for today’s “Time Flies” product announcement. Click here at 10 a.m. Pacific, 1 pm Eastern to tune in.