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Finance Footnotes is a quick guide of news and events to watch out for in the world of finance this week.
If you have investments or real estate, or if you trade stocks or currencies, these are some events and items to keep an eye on that could affect your money.
Here is the top finance news and events for the week of March 4 – 8, 2024.
The entire week
- In the United States, this week hosts Super Tuesday (March 5) when sixteen states and one territory will hold their presidential primaries and caucuses. It is one of the busiest days in the election calendar and can be a strong indicator of who will become each party’s presidential nominee. Many industry and special interest groups look to influence the outcomes of these votes in the hopes that they will in turn nominate candidates friendly to their causes.
Tuesday, March 5
- U.S. Institute for Supply Management PMI – 10 a.m.: A survey of purchasing managers ranking the conditions of business. It tracks either expansion or contraction of industry for the previous month. Because industry depends heavily on current economic conditions, this can be a leading indicator of overall financial health.
- Mega Millions lottery draw – 11 p.m.: Tuesday’s Mega Millions lottery jackpot is an estimated $650 million US. Find out how you can play Mega Millions in Canada.
Wednesday, March 6
- Bank of Canada Interest Rate Statement – 9:45 a.m.: A very important release as it affects all manner of finances for consumers and business in Canada. From current soaring inflation to mortgage rates, BoC interest rate announcements (particularly any changes) will undoubtedly be of big importance.
- U.S. Federal Reserve Chair Testifies – 10 a.m.: Jerome Powell, Chairman of the US Federal Reserve, testifies in Washington at 10 a.m. on Wednesday. This is a regularly scheduled report given to US politicians explaining the direction taken on monetary policy by the central bank. It lasts for two days.
- Bank of Canada Press Conference – 10:30 a.m.: Central Bank heads speak about the interest rate and policy decisions (released 45 minutes prior).
Thursday, March 7
- European Central Bank Main Refinancing Rate Announcement & Policy Statement – 8:15 a.m.: For all things European, this data is particularly important, coupled with the ECB press conference held later.
- European Central Bank Press Conference – 8:45 a.m.: The heads of the ECB speak and answer questions about their previously released interest rate vote and policy statement.
Friday, March 8
- Canadian Employment Data – 8:30 a.m.: Two sets of data, the Employment Change and the official Unemployment Rate for the previous month are released today. Like the American data released at the same time, this data often has a big impact on markets and is a strong leading indicator of economic conditions in Canada.
- U.S. Employment Data – 8:30 a.m.: Possibly the most ‘market-moving’ data released on the first Friday of each month. Non-Farm Payroll and the Unemployment Rate are leading indicators for the overall economic health of the economy. It gives an insight not only into conditions for the average person, but also for the state of business and industry.
This post is for informational purposes only and is not financial advice. All times indicated are in Eastern Standard Time (EST).
Check out last week’s Finance Footnotes to see what financial news you missed.
Photo by Burak The Weekender
