Dow futures contract was down 80 points, or 0.2%, by 06:45 ET (10:45 GMT), while the S&P 500 futures were down 6 points, or 0.1%, and the Nasdaq 100 futures were down 7 points, or 0.1%.
Today’s main U.S. market news-
- What’s moving markets are anticipated U.S. business results and a disappointing Chinese GDP.
- Lower Dow futures; beginning of the quarter’s earnings
- Oil declines by almost 1% as Chinese GDP denies demand expectations
- After China data, global stocks and the currency decline; speculators bet on a Fed policy change.
- China’s GDP outlook was reduced by Wall Street banks following a lackluster second quarter.
- Morgan Stanley lowers its growth projections for China in 2023 and 2024.
- Evercore ISI is cautious going into the Q2 EPS release on Netflix shares.
- Morgan Stanley cuts its rating on PepsiCo following a complete valuation.
- Analysis: As inflation defies projections, the Bank of Canada sharpens its messaging
- According to Morgan Stanley, Apple’s India business might be worth $40 billion in the next ten years.
- Tesla discounts are expected to boost quarterly revenue and profit.
- Futures weak but investors await higher earnings
- As ad income declines by 50%, Elon Musk claims that Twitter’s cash flow is still negative.
- After the next Q2 earnings report, according to Barclays, Tesla stock could decline.
- Pilots of United Airlines secure labor agreement, see salary increase
- Dow futures decline as earnings begin
- A new methane agreement might determine China and US climate progress.
- Yellen: US and India are collaborating on a platform to hasten India’s energy transition.
GLOBAL NEWS
- India’s markets were up at the close of trading, with the Nifty 50 up 0.75%.
- S&P/ASX 200 is down 0.06 percent as of the close of trading in Australian markets.
- European markets decline following disappointing Chinese growth statistics; earnings will increase
- German economy could underperform if sentiment deteriorates Federal Reserve
- Morgan Stanley lowers its growth projections for China in 2023 and 2024.
- Inflation in Nigeria increased marginally in June, reaching 22.79% year over year.
- Dollar recovers from previous week’s selloff; poor GDP hurts the Chinese yuan
- UK CFOs becoming cautious as borrowing prices rise and inflation bites: Deloitte
- PM Kishida of Japan will discuss energy and green technology in Abu Dhabi.
- Chinese economic growth weakened in Q2 as the rebound stalled
- Chinese shares decline on a poor GDP, Asian stocks are muted.
- After dismal China GDP, Asia FX declines, while the dollar holds steady.
- As debt levels climb, the central bank of S. Korea issues a warning about the risk to financial stability.
- A slight increase in the dollar causes gold to drop.
- Typhoon warning causes the Hong Kong Stock Exchange to postpone trading.
- Oil declines after Libya restarts production; China data is being considered
- As China’s GDP disappoints, oil prices decline from recent highs.
- Asia’s stocks decline as China’s data disappoints
- After the post-CPI rise, gold declines, and copper prices are impacted by a dismal China GDP.
- China’s crude steel output increased in June due to higher profits.
- The weak Q2 GDP growth in China increases the need for stronger policy backing.
- China’s property sales and investment declined more quickly between January and June.
- China renews medium-term policy loans with the same interest rate
- Dollar licks its wounds as looming China data
- China’s June new home prices were unchanged, the year’s worst performance.
ECONOMIC DATA
- June import prices fell -0.2% M/m vs. est. (-0.1%) and vs. May (-0.4%), while June export prices fell (-0.9%) vs. est. (-0.2%) and vs. May (-1.9%); U.S. June year-over-year import prices -6.1%, export prices -12.0%.
- University of Michigan surveys of consumers sentiment prelim July 72.6 tops consensus 65.5 and above final June 64.4; current conditions index prelim July 77.5 vs. final June 69.0 and expectations index prelim July 69.4 vs final June 61.5.
- University of Michigan surveys of consumers 1-year inflation outlook prelim July 3.4% vs final June 3.3% and University of Michigan surveys of consumers 5-year inflation outlook prelim July 3.1% vs final June 3.0%.
GLOBAL ECONOMIC DATA
China GDP Expands 6.3% in the Second Quarter, Missing forecast; 2Q GDP expands 6.3%, missing 7.1% forecast; June retail sales up 3.1% as factory output increases 4.4%; China leaves key rate steady following June decrease; report comes amid pressure for additional assistance to boost development.
Economic Calendar
- 8:30 AM ET Empire Manufacturing for July
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