Key events next week: China's PMI and US non-farm payrolls, Fed Chair Waller's speech, Tesla's Cybercab, Broadcom and Zhipu's earnings reports.

Key events next week: China's PMI and US non-farm payrolls, Fed Chair Waller's speech, Tesla's Cybercab, Broadcom and Zhipu's earnings reports.

A summary of major financial events for the week of August 30th - September 7th, all times are Beijing time:

The Financial Calendar reminds you of the key points to watch next week:

On the macroeconomic front, pay attention to China's PMI and the US non-farm payrolls. China's official manufacturing PMI for August will be released first—it had already fallen to contraction territory at 49.2 in July, with insufficient effective demand remaining the main contradiction, according to China Galaxy Securities' macroeconomic view. The US August non-farm payrolls will follow—July unexpectedly saw a decrease of 23,000, the worst performance this year. Bloomberg consensus forecasts suggest an increase of 55,000 in August. As the last employment report before the FOMC meeting, it will directly determine the pricing of the pace of interest rate cuts in September. High-frequency data such as US ADP, ISM, and initial jobless claims will simultaneously calibrate the interest rate path. In addition, South Korea's August semiconductor export data is also worth noting.

Regarding central banks and policy, attention will be focused on Waller's speech and the G20 Science and Technology Ministers' Meeting . Federal Reserve Governor Waller will speak on the inflation outlook—analysts believe this may be the most important official speech before the September policy meeting, potentially even more important than Chairman Warsh's remarks at Jackson Hole. The market will use this to calibrate the September interest rate path. The G20 Finance Ministers' and Science and Technology Ministers' meetings will be held consecutively in the US, with Musk, Huang, and Altman attending . The Trump administration is pushing the "Carolina Principles" (light regulation of AI), and the meetings will set the tone for the September policy path and the direction of AI regulation. Bessant may warn countries at the G20 Finance Ministers' Meeting about cooperating on economic sanctions against Iran .

In terms of financial reports, Zhipu and Broadcom led the way . Broadcom released its Q3 report, and as a core provider of customized AI chips and network interconnection, its AI revenue guidance will influence global computing power chain pricing. Zhipu —the first AI stock newly included in MSCI—released its first interim report after listing, validating the commercialization of its large-scale models. Dell , Hewlett Packard Enterprise, Snowflake, and other AI hardware and data cloud vendors released their reports intensively, jointly examining the implementation of AI capital expenditures. A-shares and Hong Kong stocks have concluded their interim report season, with NIO , LONGi Green Energy, Muxi Technology, and Horizon Robotics among those releasing their results.

AI Industry and Capital: Tesla launches Cybercab, Robotaxi mass production milestones impact pricing for vehicles and the autonomous driving supply chain; Cook steps down as Apple CEO, Tenus takes over; Shein's Hong Kong IPO, Baidu's dual major listings take effect , MSCI portfolio adjustments are finalized—tech giants are making frequent moves in governance and capital markets. SEMICON Taiwan focuses on advanced packaging and HBM, the power battery conference features a dedicated section on all-solid-state devices, and the electronics price surge continues; the OPEC+ monthly meeting and rumors of Venezuela's withdrawal from OPEC disrupt oil price expectations.

Economic indicators

  • US non-farm payrolls in August

On September 4th, the US August non-farm payrolls report was released. According to data from the US Department of Labor, non-farm payrolls unexpectedly contracted by 23,000 in July, the worst performance this year; August's figure was expected to be an increase of 55,000. As the last non-farm payrolls report before the FOMC meeting on September 15-16, the data will directly determine the market's pricing of the pace of interest rate cuts , influencing the US dollar, US Treasury bonds, and global risk assets.

In addition, the Federal Reserve's Beige Book will be released at 2:00 AM on September 3 , assessing the overall economic situation in the United States. Given the unexpected contraction in July's non-farm payrolls and high long-term interest rates, the Beige Book's descriptions of employment and inflation will provide a reference for the September interest rate decision and influence market pricing of the policy path.

  • China's official manufacturing PMI for August

On August 31, China's official PMI data for August was released. Previously, the July manufacturing PMI was 49.2%, falling back into contraction territory. China Galaxy Macro believes that the July PMI reflects a significant temporary decline in economic activity, with insufficient effective demand being the main contradiction. Economic recovery awaits policy support.

  • South Korea's exports in August were year-on-year

On September 1st, South Korea released its August export data. Previously, South Korea's July exports surged 62.8% year-on-year to $98.9 billion, the second-highest monthly figure on record. Chip exports jumped 178.8% to $41 billion, driven by strong demand from AI data centers leading to a shortage of memory chips.

Financial events

  • Federal Reserve Governor Waller speaks on the inflation outlook

Federal Reserve Governor Waller will speak on the inflation outlook on September 3. According to Bloomberg, Fed Chairman Warsh will speak in Jackson Hole on Friday, but is expected to continue his usual ambiguous style, offering no clear interest rate signals, leaving the bond market without clear direction. Analysts believe the real trading window may be on September 3, when Governor Waller speaks on the inflation outlook, just two days before the FOMC's blackout period , making his remarks carry significant market weight.

  • At the G20 Ministerial Meeting on Science and Technology, tech giants such as Musk, Huang, and Altman attended.

According to Bloomberg, the G20 Science and Technology Ministerial Meeting will be held in North Carolina, USA, from September 1 to 2. Tech giants such as Musk, Huang, and Altman will attend. The Trump administration is pushing all parties to accept the "Carolina Principles"—advocating for light regulation of AI and avoiding the creation of new regulatory agencies.

  • At the G20 finance ministers and central bank governors meeting, Bessant may warn countries to cooperate on economic sanctions against Iran.

In addition, the G20 finance ministers and central bank governors meeting was held in Asheville, North Carolina, USA, from August 31 to September 1. According to Reuters, a US Treasury official said that Bessant would issue a "strong statement" to G20 officials, saying that if they want to continue doing business in the dollar-based Western financial system, they must comply with US sanctions against Iran.

Against the backdrop of high long-term US Treasury yields, volatility in yen carry trade, and controversies surrounding currency intervention, the meeting's statements on exchange rate and fiscal coordination, serving as a coordination window for finance ministers and central bank governors of major economies, will influence the trajectory of the US dollar, US Treasury bonds, and emerging market currencies.

  • Japan will hold two government bond auctions, marking another test for US debt.

According to Bloomberg, two Japanese government bond auctions scheduled for next week (the week of August 31) could test Bessent's efforts to lower long-term U.S. Treasury yields. Japan will issue 10-year bonds on September 1 and 30-year bonds two days later.

  • Tesla officially announced that the Cybercab launch event will be held on September 3rd.

Tesla will unveil its self-driving car, Cybercab, without a steering wheel or pedals, in Austin on September 3rd, local time. Previous reports indicated that the vehicle has completed road testing and employee test rides, with plans to open it to employees first, followed by the public. Currently, Austin's Robotaxi fleet primarily consists of 186 modified Model Ys; Cybercab will be added gradually, but mass production will be limited this year, and commercialization approval remains uncertain.

  • Tim Cook officially steps down as Apple CEO, John Ternus succeeds him.

Tim Cook will officially step down as Apple's Chief Executive Officer on September 1, 2026. After stepping down as CEO, Cook will not leave Apple; he will become the company's Executive Chairman. John Ternus, the current Senior Vice President of Hardware Engineering, will succeed him as the new CEO.

  • Shein listed on the Hong Kong Stock Exchange

Shein is scheduled to launch its IPO in Hong Kong on September 1, issuing 280 million shares at a price range of HK$47.6 to HK$49.5 per share, aiming to raise up to HK$13.9 billion (approximately US$1.8 billion).

  • Baidu's dual primary listings in Hong Kong and the US take effect.

Baidu's dual primary listing on the Hong Kong Stock Exchange and Nasdaq will take effect on September 1st. According to the company's announcement, this move will enhance liquidity and financing flexibility in both markets, continuing its benchmark significance for the return of Chinese concept stocks. Attention should be paid to the sentiment in the Hong Kong stock market's technology sector.

  • The 2026 Shanghai Cooperation Organisation Summit will be held.

According to Xinhua News Agency, a spokesperson for the Ministry of Foreign Affairs announced that from August 30 to September 3, the President will attend the 2026 Shanghai Cooperation Organisation Summit in Bishkek and pay state visits to Kyrgyz President Japarov and Egyptian President Sisi.

  • Ukraine and Russia may restart negotiations in September (with US participation).

According to Xinhua News Agency, Ukrainian Presidential Chief of Staff Budanov stated in an interview with Ukrainian media on the 27th that Ukraine and Russia may restart negotiations in September. Budanov said that the Ukraine-Russia negotiation process is currently stalled, but both sides plan to "restart" it. He revealed that with US involvement, delegations from both sides could resume contact as early as September.

  • The 2026 World Power Battery Conference will be held from September 3rd to 4th.

The 2026 World Power Battery Conference will be held in Yibin City, Sichuan Province, from September 3rd to 4th. This is the only international power battery conference in China with significant global influence. More than 120 leading domestic and international companies, including Tesla, CATL, and BYD, will gather and release authoritative findings such as the "Power Battery Industry Development Index (2026)". A "Global Advanced Battery Foresight Technology Symposium" will also be held during the conference.

Financial Report

Next week's US earnings reports will be dominated by the AI hardware chain : Broadcom is the core of custom AI chips and network interconnection, with the market focusing on AI revenue guidance; Dell is testing the visibility of AI server orders; Credo is verifying the demand for AEC active cables; and Ciena is a bellwether for the optical communications industry.

Data source: Bloomberg

August 31st marked the final day for A-share companies to release their interim reports. LONGi Green Energy verified the bottoming out of profitability and the progress of capacity clearing in the photovoltaic industry chain. Muxi Technology , a rising star in domestic GPUs, released its first interim report after listing, testing the commercialization of AI chips. PetroChina focused on the performance elasticity of upstream companies under high oil prices. Bright Dairy and Meinian Onehealth supplemented the prosperity of the consumer and health checkup sectors.

Data source: Wind

Zhipu (the first AI stock newly included in MSCI) released its first interim report after listing, validating the commercialization of its large-scale models. Horizon Robotics focuses on the shipment of intelligent driving chips and the proportion of high-end solutions. Dongyangguang Pharmaceutical and Jiufang Zhitou Holdings supplement their pharmaceutical and financial information services. NIO will release its results on September 1st, with attention focused on the recovery of delivery volume and gross margin in the second quarter. After the interim report season, the focus of Hong Kong stocks shifts to the Hang Seng Index constituent stock changes taking effect on September 7th and the flow of southbound funds.

Other events

  • 33 Chinese stocks, including Zhipu, have been officially included in the MSCI index.

MSCI announced that the results of the August index review will take effect after the market closes on the same day. 33 Chinese stocks, including Zhipu, will be added to the MSCI China Index, while 32 stocks, including Vanke A, will be removed. These stocks will likely see concentrated portfolio adjustments by overseas passive funds. Zhipu is the largest newly added emerging market stock by market capitalization, covering sectors such as semiconductors, pharmaceuticals, and new materials. The change in index weighting may amplify trading volatility in these sectors.

  • Zhuosheng slightly adjusts prices, Qualcomm raises prices, Taiyo Yuden adjusts MLCC prices, and Nan Ya Plastics raises CCL prices.

Qualcomm raises prices (September 1): Due to continued shortages in the global supply chain and rising costs of upstream components, Qualcomm will implement a double-digit percentage price increase for related shipped products starting September 1.

Zhuosheng Microelectronics Adjusts Prices (September 1): According to reports, Zhuosheng Microelectronics, a leading RF front-end manufacturer, issued a price adjustment notice to its customers, with prices for its entire series of RF products adjusted starting September 1.

Taiyo Yuden MLCC / Mitsubishi Cutting Tool Price Adjustment (September 1): According to reports, Taiyo Yuden raised its MLCC prices on the same day, and Mitsubishi adjusted its carbide cutting tool prices.

Nan Ya Plastics Raises Prices for CCLs (September 1): According to reports, Nan Ya Plastics announced a 20%-25% price increase for CCLs and prepregs starting September 1, mainly due to rising costs of fiberglass cloth and copper foil, which will then impact the AI server PCB supply chain.

  • Interest rate decisions of the Federal Reserve Bank of Canada and New Zealand

Reserve Bank of New Zealand (RBNZ) Interest Rate Decision (September 2, 10:00 AM): According to Bloomberg consensus forecasts, the RBNZ may raise interest rates by 25 basis points to 2.75% (previous value 2.5%). The decision and monetary policy statement will clarify New Zealand's policy direction and influence the pricing of the New Zealand dollar and interest rates in the Asia-Pacific region. Attention will be focused on its stance on balancing inflation and growth.

Bank of Canada Interest Rate Decision (September 2, 21:45): According to Bloomberg consensus expectations, the Bank of Canada will maintain its policy rate at 2.25%. Governor Macklem subsequently held a press conference; with the US tariff retaliatory measures taking effect, the market is focused on his assessment of the economic impact of the US-Canada trade friction.

  • OPEC+ monthly meeting

On Sunday, September 6, the seven OPEC+ countries held their monthly meeting to assess the implementation of the September production increase of 188,000 barrels per day and the market situation (according to the OPEC website).

  • AI large-scale model dynamics

According to OpenAI, DevDay 2026 is scheduled to be held in San Francisco on September 29th; according to The Information, Anthropic may release its prospectus as early as September 7th, with a target valuation of $1.5-2 trillion. Furthermore, OpenAI Astra is reportedly set to launch soon.

  • AI Industry Activity Tracking

SEMICON Taiwan (September 2-4) focuses on advanced packaging and HBM, CSEAC points to the localization of equipment, and the Power Battery Conference features a special session on all-solid-state devices; Huawei Mate XT 2 is scheduled for September 7 (according to Huawei Terminal).

Early warning (September 7-13, the week after next)

Anthropic's IPO prospectus was released on September 7th (according to The Information, the target valuation is $1.5-2 trillion).

September's mobile phone market is buzzing with new releases: Huawei Mate XT 2 tri-fold folding phone launched on September 7th (featuring HarmonyOS 7, followed by Xiaomi 18 Fold and others).

Canada's retaliatory tariffs on approximately $20 billion worth of US goods took effect on September 8 (15%/25%/50%, according to Xinhua/CCTV).

Apple's 2026 Fall Product Launch Event (iPhone Fold Debut + iPhone 18 Pro, Tenus's Debut, Beijing Time, September 10th, early morning)

Risk Warning and DisclaimerInvesting involves risk; please exercise caution. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Any investment decisions made based on this information are at your own risk.