Morning 7-16

A few things:

  • German Jul ZEW Economic Sentiment: -24.5 vs -22.3 cons; Current Conditions: -1.1 vs 5 cons-ZEW: On investor sentiment said Iran conflict seems to be intensifying; ongoing trade dispute between the US & China is a burden not only for Chinese economic development; lasting containment of factors causing uncertainty in export-oriented sectors of German economy isn’t currently in sight –  ITC news
  • -EZ May Trade Balance: €23b vs €16.3b cons –ITC news
  • China’s trade minister says China must stand firm in trade war SCMP News
  • GBP 2 year low vs. Dollar as latest Brexit talks going nowhere
  • Big tech will be in front of a House Antitrust panel today


JPM missed on net interest income Stock -1%,GS trading revenue beat expectations and they lifted Dividend Stock +1%,WFC also missed net interest income, but earnings and revenue beat, stock little changed.,JNJ earnings beat  and they lifted guidance stock little changed

 Summer markets, Spoos 5 handle range, Bunds a bit bigger range due to ZEW miss trading +20 ticks. Euro lower thus Dollar index higher by .3% Dollar continue to find support on the 200 D MA. Retail sales is today I double-checked, Todays data is an important one and could impact the pricing of 50 or 25 Bps cut at next fed meeting. Gold ,copper little changed but palladium -.7% Grains on the back foot as Crop conditions better then expected Corn -1.8% and beans -1.2%

Fed speak:

11:20 Kaplan

  • 12:00 Powell in France
  • 2:30 Evans

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