- European indices contracts mostly lose, despite yesterday rally on Wall Street and DJIA at new all-time high
- U.S. industrial production in focus for investors; final inflation data for June in the Eurozone
- Semiconductor giant ASML's (ASML.NL) results above forecasts. Market awaits quarterly reports from Alcoa, Kinder Morgan, Johnson & Johnson and US Bancorp
The ongoing stock market euphoria in the States is not carrying over on the same scale to other markets, although Asian indexes halted a three-day downward streak and the Hang Seng managed to rise slightly on the second day of the ongoing Chinese Communist Party leadership plenum. The mood in Europe remains noticeably weaker than on the other side of the Atlantic. News of the possible rise of 'Republican hawks' including J.D. Vence to leadership positions in a potential Trump administration has spread and suggests a possible increase in geopolitical risks on the Old Continent.
The earnings season in the States is going quite positively; great results from United Health Group yesterday took the Dow Jones Industrial Average (DIJA) to new highs. Today, attention will focus on US industrial data (for June) and the results of more US companies. Markets will also learn about oil inventory data according to the EIA, construction permits in the US and the so-called Beige Book, which will gather an assessment of the economy and comments from US business representatives, economists and investors
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10:00 AM BST, Eurozone, final CPI data for June (first reading 2.5% y/y and 0.2% m/m)
1:30 PM BST, U.S., Housing starts: 1.277 million forecast vs. 1.3 million previously (1.8% increase m/m vs. -5.5% decrease m/m previously)
Building permits: 1.4 million forecast vs. 1.399 million previous (0.1% m/m vs. -2.2% previous)
2:30 PM BST, US industrial production for June: 0.3% m/m forecast vs. 0.9% previously
- Manufacturing production: 0.1% m/m forecast vs 0.9% previous
3:30 PM BST US, change in oil inventories according to EIA: -1.08 million barrels forecast vs -3.44 million barrels previously
- Gasoline inventories: -1.23 million barrels forecast vs -2 million barrels previously
- Distillate stocks: 0.2 million barrels forecast vs. 4.8 million barrels previously
3:30 PM BST, US, EIA natural gas inventories: expected 29 billion bcf (billion cubic feet) vs 65 billion bcf previously
7 PM BST, US Fed Beige Book
Company results
- Before the US session: Johnson&Johnson, Prologis, Northern Trust
- After the session: Alcoa, Ally Financial, Kinder Morgan, Steel Dynamics and US Bancorp
Speeches by central bankers:
2 PM BST - Fed Barkin
2:35 PM BST - Fed Waller
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