An exceptionally busy week begins with more earnings, global interest rate meetings and political news with economic repercussions.
- The only economic report of the day comes at 10 a.m. ET, when the National Association of Realtors issues its June report on pending home sales. The measure of home sale contracts signed but not yet closed is expected to be unchanged for the month, after falling 0.5 percent in May.
White House Notes:
President Trump is scheduled to meet with Italian Prime Minister Giuseppe Conte at the White House today
Interest Rate Notes:
- The Bank of Japan is expected to hold rates unchanged on Tuesday
- The Federal Reserve is also likely to leave rates unmoved when it announces its decision on Wednesday
- On Thursday, the Bank of England is expected to raise rates for the first time since November, despite continued Brexit uncertainty.
- Central banks in Brazil and India also hold policy decisions this week.
- the MSCI Asia-Pacific Index was down 0.3 percent
- Japan’s Topix index closed 0.4 percent lower amid growing concerns over earnings expectations.
- In Europe, the Stoxx 600 Index had slipped 0.3 percent by 5:45 a.m. Eastern Time as a mix of disappointing earnings and falling metal prices dragged equity prices down
Dow component Caterpillar is the headliner among this morning’s corporate earnings reports, with Bloomin’ Brands, First Data, Seagate Technology and Simon Property also set to report. After-the-bell reports today include AK Steel, Denny’s, Illumina, KLA-Tencor, Loews, Rent-A-Center and Unum Group .