Morning 7-15

News and Notes:

Marine Day holiday in Japan, start of vacation season in Europe keeps lid on participation-Reuters

  • Trump weighs ousting Commerce Secretary Ross NBC reports – Rtrs
  • UK banks say business investment slowing further ahead of Brexit – Rtrs
  • Italy business outlook improves sharply in QI – Rtrs
  • Brent Crude moves above $67 on improved China Industrial Output and retail data
  • Mixed Economic Data out of China, Quarterly GDP weak lowest in a few decades but Monthly retail sales and industrial. Production better, Stocks in China Closed higher
  • Citigroup earnings a bit better than expected, I haven’t seen trading details yet but very curious to see how they did
  • Earnings season in full swing this week and this will be the focus and driver of Stocks, The bar is  set pretty low for results  so anything inline to a slight beat might push stocks even higher
  • Watch Amazon as today is prime day.

  Per Bloomberg probabilities for 50 bps cut stand at 23%, which to me still seems a bit high, this morning we get Empire manufacturing and retail sales tomorrow , the latter will be in focus. Markets drifting overnight Spoos higher 6 handles, Bunds, +40 ticks just because I guess Gold up a bit Copper +1.3% on China stimulus hopes. Platinum and palladium +1.5% Corn higher because now not enough rain Go figure. Focus this week will be earnings with  fed speak a close second. Economic calendar for rest of week filled with second tier data.FOMC meeting July 31

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