The Morning Minutes will not be published the rest of this week, they should return on Monday July 15th.
Asia Pacific stocks sold off to start the trading week, with Hong Kong down 1.5%, Shanghai down 0.9% and Tokyo down 0.3%. Concerns about China’s economy have spilled over into commodity markets where US Crude Oil is down 0.9% while Copper is steady. Gold is down 0.5% and cryptocurrencies have stabilized.
European markets are slightly in the green with the Dax up 0.3%, the FTSE up 0.2% and the CAC up 0.1%. France’s second round voting saw the right-wing party win the most votes but the left wing party win the most seats. Meanwhile the UK’s new Labour PM rolled out new cabinet appointments over the weekend.
US index futures are flat this morning as the focus of news shifts stateside this week particularly related to politics and earnings. While Democrats continue to argue over whether to continue with President Biden as their candidate or someone else, the US is hosting a NATO summit this week. Also Fed Chair Powell has his semi-annual testimony to Congress on the economy and monetary policy.
Earnings season in the US kicks off on Friday with results due from several big banks and then ramps up next week. The Republican National Convention is also next week This week’s economic calendar is quiet except for US Consumer Prices coming out on Thursday.