The New York Fed Empire manufacturing index disappointed with a reading of 9.8. in July

European stock markets trade volatile near opening levels today with the German Dax (‐0.35%) underperforming. Markets are mainly counting down to Thursday's ECB meeting. US stock markets opened nearly unchanged.

Eurozone CPI rose 1.3% Y/Y in June (0.0% M/M), according to the final reading which came in line with an initial estimate. Inflation fell back from 1.4% in May having spiked at a three‐year high of 1.9% in April. Details showed stronger services inflation was one of the reasons for a rise in core inflation to 1.1% in June (from 0.9% in May).

A Bloomberg national poll shows that, in nearly every measure of his performance, Trump's presidency is not wearing well with the public. 55% view him unfavourably, up 12 points since December. The American people do however feel fairly optimistic about their jobs, the strength of the economy and their own fortunes.

The New York Fed Empire manufacturing index disappointed with a reading of 9.8. in July (consensus of 15.0). A decline from the 19.8 in June was expected but the extent of the decline surprised markets. Indexes assessing the six‐month outlook suggest that firms remain positive about the future, though less so than in June.

Bankers with knowledge of the matter stated that Greece is looking, for the first time in three years, to sell five‐year government bonds this week or next. This is remarkable given that Athens has received three bailouts in the past seven years and the debate over whether debt write‐downs are needed continues as the IMF deems Greece's debt unsustainable and on an "explosive" path.