Summary:
- Weekly API release is expected to show a significant drop in inventories
- Canadian Ivey PMI with better expectations for July
- Walt Disney (DIS.US) is forecast to report $15 billion revenue
Probably, the most observed today’s event has already taken place. Namely, in the morning investors looked at Australian central bank’s decision. It was not surprising that the Reserve Bank of Australia stayed on hold with interest rates. What’s interesting, today’s meeting produced a little more dovish tone. The economic calendar for Tuesday seems to be quite calm. The Canadian Ivey Purchasing Managers Index will draw attention this afternoon, while the weekly API release on crude oil inventories will end the day.
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Open real account TRY DEMO Download mobile app Download mobile app3:00 pm BST - Canadian Ivey PMI for July: The Canadian economy has been performing well. Today’s Ivey PMI for July could reinforce this strong outlook as a slight increase from 63.1 pts to 64.2 pts in July is expected (albeit, keep in mind that manufacturing PMIs slowed down last month hence this could be the case in Canada as well). Canadian Ivey PMI is published by Richard Ivey School of Business, and it is an indicator of Canadian economic activity. Let us notice that we have not seen Ivey PMI below 50 pts since mid-2016.
9:40 pm BST - Weekly API Crude Oil Stocks: The level of crude stocks surprised investors last week, producing a gargantuan pick-up. Will today’s data surprise market participants once again? This week crude oil stocks are expected to produce a 3.4 mb drop in comparison to last week’s a 5.6 mb increase in inventories.
Notable US companies earnings today:
- Walt Disney (DIS.US)
OIL.WTI stands a notch above the $69 handle, and it is moving around the lower bound of the ascending channel. Source: xStation5
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