PMIs, Labor Market Data, and Costco Earnings Take Center Stage

This week's economic calendar is relatively light compared to recent weeks, with limited data releases and no major central bank announcements.

The highlights include global purchasing manager indices (PMIs) reports, which will provide insight into the health and direction of activity across manufacturing and services sectors in major economies.

Australia's labor market report is also expected to have a significant impact on interest rates, with markets assigning an 82% probability of a 25-basis-point rate hike by the Reserve Bank of Australia at its next meeting.

Costco's earnings are another key event this week, with the company expected to report revenue growth of around 10% year-over-year and earnings per share increasing by 11.2%.