Economic data:
- (ZA) South Africa Jun SACCI Business Confidence: 84.6 v 86.9 prior- (BR) Brazil Jun FGV Inflation IGP-DI M/M: 0.7% v 0.7%e; Y/Y: 6.2% v 6.3%e
- (CL) Chile Jun Trade Balance: $0.8B v $0.8Be; Total Exports: $5.7B v $5.6Be; Total Imports: $4.9B v $4.8Be; Copper Exports: $3.1B v $2.9B prior
- (CL) Chile Jun International Reserves: $38.2B v $38.7B prior
- (US) Goldman Economist Chain Store Sales w/e July 4th w/w: +2.1%; y/y: +3.0%
- (PL) Poland Jun Official Reserves: $104.1B v $102.9B prior
- (RU) Russia Jun Official Reserve Assets: $361.6B$366.3Be
- (CL) Chile May Nominal Wage M/M: +0.1% v -0.2% prior; Y/Y: 6.2% v 6.4% prior
- (US) May Trade Balance: -$41.9B v -$42.7Be
- (CA) Canada May Int'l Merchandise Trade: -C$3.3B v -C$2.6Be
- (US) Weekly Redbook Sales w/e July 4th: 2.0% y/y, Jun MTD m/m: -1.4%; Jun MTD y/y: 1.5%
- (MX) Mexico Jun Consumer Confidence Index: 94.7 v 92.4e
- (US) May JOLTS Job Openings: 5.4M v 5.30Me
- (US) July IBD/TIPP Economic Optimism: 48.1 v 48.9e
- 1(UK) Jun NIESR GDP Estimate: 0.7% v 0.6% prior
- (HU) Hungary Jun YTD Budget Balance (HUF): -823.3B v -511.1B prior
- US markets have opened lower, with the Dow Jones now down 0.9%, the Nasdaq down 1.4% and the S&P 500 down 1.0%. Chinese stocks finished lower and commodity prices remain under real pressure while there was no real movement seen on Greece at today's Eurogroup meeting which taken together have weighed heavily on sentiment. On continued safe haven flows, the 10-year Treasury yields fell below 2.20% and the 30-year is testing 3.00%. The German 10-year bund has rallied to session highs, as well, pushing yields below 0.65%. The S&P cash market has moved below its 200-day moving average at 2055.
- Eurogroup leaders held a meeting this morning, but no new proposals were offered. There is an expectation of a new offer by the Greeks to be submitted soon, but it's unclear if and when the next Eurogroup meeting will be held. The Paris bureau chief of Financial Times hears that the Greek FinMin made a "good presentation" at the meeting. PM Tsipras is expected to address his parliament on Wednesday after meeting with Merkel and Hollande today on the sidelines of this afternoon's summit.
- Copper is down 5.0%. Silver hit a seven-month low during trading and is down 5.3%. Palladium is down 5.5%. Oil also continues its downward momentum, as Brent is down 2.4% and crude down 3.6%. The OSX is off 2.3%.
- Not much in the way of data to move the needle today. The trade balance came in a bit better than expected at -$41.87B. JOLTS Job Openings were slightly higher at 5.4M over 5.3M previous. And IBD/TIPP Economic Optimism came in at 48.1, slightly under estimates.
- AMD is trading 15% lower this morning after they cut revenue guidance yesterday afternoon to fall -8% due to weaker-than-expected PC demand.
- The flurry of M&A activity continues. TeleCommunication Systems (TSYS) is up 8.4% as their board of directions indicated they would be exploring strategic alternatives to enhance stockholder value. Depomed (DEPO) is trading at $28.35, up 36.9% on a takeover offer from Horizon at $29.95/share. Pinnacle Entertainment (PNK) is trading up 5.5% to $39.23 after a slightly increased acquisition offer from Gaming and Leisure Properties (GLPI) to $47.50/share implied value.
- Chinese ADR's are seeing aggressive selling after Shanghai Composite finished on the lows once again. NTES SOHU QIHU VIPS JD are all trading down about 10% or more.
Looking Ahead
All times listed for economic events are denominated in Eastern Standard Time (Add 4 hours for GMT equivalent)- 11:30 (US) Treasury to sell 4-Week Bills
- 12:00 (US) DOE Short-Term Crude Outlook
- 12:30(EU) EU Leaders meet to discuss outcome of Greece referendum
- 13:00 (US) Treasury to sell $24.0B in 3-Year Notes
- 15:00 (US) May Consumer Credit: No est v $20.5B prior
- 16:30 (US) Weekly API Oil Inventories
- 17:00 (CO) Colombia May Exports: $3.3Be v $3.2B prior
- 18:00 (NZ) New Zealand Govt 11-Month Financial Statements
- 19:01 (UK) Jun BRC Shop Price Index Y/Y: No est v -1.9% prior
- 19:50 (JP) Japan May Current Account Balance: ¥1.570Te v ¥1.326T prior; Adj Current Account: ¥1.375Te v ¥1.274T prior; Trade Balance: -¥283.3Be v -¥146.2B prior
- 23:00 (CN) China to sell 7-Year Bonds
- 23:35 (JP) Japan to sell 6-Month Bills
Recommended Content
Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD: Federal Reserve and Nonfarm Payrolls spell action this week
The EUR/USD pair temporarily reconquered the 1.0700 threshold last week, settling at around that round level. The US Dollar lost its appeal following discouraging United States macroeconomic data indicating tepid growth and persistent inflationary pressures.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.