What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? At 4:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.
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New orders for U.S. factory goods rebounded strongly in June on robust demand for transportation equipment and other goods, a hopeful sign for the struggling manufacturing sector.
The Commerce Department said on Tuesday new orders for manufactured goods increased 1.8 percent after declining 1.1 percent in May.
The dollar trimmed losses against the other major currencies on Tuesday, after data showed that U.S. factory orders rose broadly in line with expectations in June, while markets continued to eye the release of U.S. nonfarm payrolls on Friday.
Drugmaker Shire (L:SHP) said on Tuesday it was seeking to buy Baxalta (N:BXLT), a company spun-off by Baxter International (N:BAX) last month, for $30 billion to forge the leading global specialist in rare diseases.
U.S. drugmaker Pfizer (N:PFE) gained European Union antitrust approval on Tuesday for its proposed $15 billion acquisition of U.S. rival Hospira (N:HSP) after pledging to sell some drugs to allay competition concerns.
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Welcome to Tuesday.
1) More volatility in China and Greece
The two most volatile stock markets in the world right now -- China and Greece -- continue to grab attention.
Chinese stock markets shot up Tuesday, with the Shanghai Composite closing with a 3.7% gain and the Shenzhen market finishing with a 4.8% jump.
Chinese markets have been on a bumpy downward trend since hitting record highs in mid-June. Tuesday's move higher followed new restrictions on short sellers.
In Greece, the main stock market index fell by another 1% following a 16% plunge on Monday. Prior to reopening Monday, the Greek stock market had been closed for five weeks due to the nation's financial crisis.
Three of the country's biggest banks -- Piraeus (BPIRF), Eurobank and Alpha Bank (ALBKF) -- are all tanking by about 30% Tuesday, after a similar fall Monday. Shares in the National Bank of Greece (NBG) fared only slightly better, falling 23%.
2) Expecting earnings
Among the companies reporting quarterly earnings this morning are Aetna (AET), Coach (COH), CVS Health (CVS), Time (TIME) and Office Depot (ODP).
In Europe, shares in BMW (BAMXY) are slipping by about 1.5% after the automaker reported quarterly results.
Toyota (TM) shares could be on the move after the firm reported a record $5.2 billion profit. The company benefited from favorable foreign exchange rates and cost reductions.
After the close, investors will get to look through results from Dreamworks Animation (DWA), Etsy (ETSY), News Corp (NWS). and Walt Disney (DIS).
3) Global market moves
U.S. stock futures are sitting at roughly where they closed on Monday.
A few stocks are throwing their weight around premarket, including Allstate (ALL), Microchip Technology (MCHP) and Aflac (AFL). Shares in all three companies are declining as investors react to the firms' latest earnings, which were released late Monday afternoon.
European markets are mixed in early trading. The key Italian index is declining by just over 1%, but the other markets are little changed. Asian stocks closed with mixed results.
Crude oil futures are recovering a bit Tuesday, up 2% to trade around $46 a barrel. Over the past month, oil prices plunged by about 20%.
4) Market recap
On Monday, the Dow Jones industrial average dropped 0.5%, while the S&P 500 and the Nasdaq each shed 0.3%.
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What is it? Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions.
When? At 6:45pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the NZD to rise.
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What is it? It's a leading indicator of the nation's trade balance with other countries because rising commodity prices boost export income. The weighted-average price of the 9 dairy products sold at auction are sampled and then compared to the previous sampling.
When? Tentative
Trading Tip: If the actual number is higher than the forecast, you can expect the NZD to rise.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 170 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
When? At 4:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.
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What is it? It's among the primary tools the RBA Reserve Bank Board uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
When? At 12:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the AUD to rise.
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What is it? The rate decision is often priced in the market so it tends to be overshadowed by the RBA Rate Statement which is focused on the future. Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? At 12:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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1) Wall Street was lower on the first trading day in August as oil prices touched a six-month low and data showed U.S. economy lost some momentum at the end of the second quarter.
2) Oil prices hit six-month lows earlier in the day, knocked by fresh evidence of growing oversupply and data highlighting slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008.
3) The euro backed off session lows against the dollar on Monday following the release of lackluster data on U.S. manufacturing activity and consumer spending.
EUR/USD was last at 1.0980, up from lows of 1.0941.
4) Greece's stock market closed with heavy losses on Monday after a five-week shutdown brought on by fears the country was about to be dumped from the euro zone.
Bank shares fell 30 percent before loss-limits kicked in to stop investors selling any more.
5) U.S. natural gas prices edged higher on Monday, but held near the previous session's three-week low as forecasts for mild weather across the U.S. in the weeks ahead dampened demand expectations for the fuel.
6) U.S. consumer spending in June advanced at its slowest pace in four months as demand for automobiles softened, suggesting the economy lost some momentum at the end of the second quarter.
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It's Monday morning and Greek markets are tanking, down about 20%.
It can only get better from here, right?
1) Greek market freak out
Greece's stock market reopened after being shut for more than a month due to the country's financial crisis.
Traders started selling immediately and the overall market dropped by 23% in the first few moments. Shares in the country's big banks fell by about 30%.
A bailout for Greece -- worth about 86 billion euros ($94 billion) -- has been agreed in principle with Greece's eurozone partners. But the finer details still have to be hammered out.
Greek markets have been highly volatile this year.
2) Another fall in China
Chinese stocks continued their recent move lower Monday.
The Shanghai Composite dipped by 1.1% and the Shenzhen index dropped 2.7% after fresh data showed China's factory sector slumped in July.
Chinese markets were the best performers earlier in the year, but have since come back to earth. The Shenzhen has fallen by about 35% since mid June, having soared by 120% since January.
The weak manufacturing data from China is likely spooking oil traders. Crude oil futures are down by nearly 2% to trade around $46.40 a barrel.
All Asian markets -- except for India -- dropped Monday.
3) Other markets calm
U.S. stock futures are little changed Monday morning. European markets are mostly edging up in early trading, although London's FTSE is flat.
4) Earnings
Companies including Tyson Foods (TSN), Loews (L) and Frontier Communications (FTR) will report quarterly earnings ahead of the open.
Allstate (ALL), Chegg (CHGG) and Denny's (DENN) are among the companies reporting this afternoon once markets are closed.
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What is it? The goods portion has limited impact because it's a duplicate of the Goods Trade Balance data released about 5 days earlier. A positive number indicates that more goods and services were exported than imported. Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
When? At 9:30pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? Released monthly, about 35 days after the month ends. This is the earliest look at vital consumer spending data.
When? At 9:30pm Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
When? At 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy. Survey of about 600 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
When? At 4:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.
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Exxon Mobil Corp., the biggest and richest U.S. oil company, reported a 52% drop in profit for its second quarter, as higher profit from its refining and chemical operations couldn’t offset plunging earnings in its exploration and production business amid lower crude prices. Shares of Exxon Mobil, down 16% over the past year, fell 1.8% to $81.50 in premarket trading.
The International Monetary Fund is participating fully in the ongoing talks for a new bailout program for Greece, a spokeswoman for the European Commission said on Friday, dismissing reports the IMF could be abandoning the rescue plan. The talks on a new bailout program are ongoing "with the IMF present and fully participating in the talks in Athens," Commission spokeswoman Mina Andreeva told journalists in Brussels.
Commodities and China investors waved a relieved goodbye to July on Friday following a brutal sell-off that has revived fears about the global economy and overshadowed more encouraging news from the U.S. and Europe.
There were signs that the rout wasn't over yet as Chinese stocks - which have suffered their worst monthly drop in six years - wobbled again, oil prices slipped following a more than 15 percent July slump and metals from industrial copper to precious gold hit multi-year lows.
U.S. stocks edged up on Friday as historically low wage growth supported the view that the Fed could delay the timing of a rate increase.
The Dow Jones industrial average (DJI) rose 10.96 points, or 0.06 percent, to 17,756.94, the S&P 500 (SPX) gained 2.98 points, or 0.14 percent, to 2,111.61 and the Nasdaq composite (IXIC) added 12.37 points, or 0.24 percent, to 5,141.16.
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It's the last day of July and if stocks hold steady Friday, all three U.S. indexes will close out a bumpy month with gains.
1) Market overview
U.S. stock futures are not making any major moves ahead of the open.
The Dow Jones industrial average has added 0.7% this month. The S&P 500 and Nasdaq have both posted healthier gains of 2.2% and 2.9%, respectively.
European markets are mixed in early trading.
Most Asian markets ended with gains, except for China where the Shanghai Composite dipped by 1.1% and the Shenzhen index edged down by 0.8%. Chinese markets have stabilized a bit after crashing earlier this month. The Shanghai index lost 14% in July.
2) Major movers
LinkedIn, Expedia, Hanesbrands: Shares in LinkedIn (LNKD, Tech30) are highly volatile premarket as investors react to the group's earnings released Thursday. At first, shares shot up, but then pushed deep into negative territory as investors grew concerned about future revenue growth.
Shares in Expedia (EXPE) are rising by about 8% premarket after releasing better-than-expected quarterly results.
Shares in Hanesbrands (HBI) are tumbling by about 8.5% in reaction to its new earnings report from Wednesday afternoon.
3) More earnings
Earnings continue to roll in Friday.
Several major oil companies including Chevron (CVX), Exxon Mobil (XOM) and Phillips 66 (PSX) are expected to release results before the market opens.
Honda (HMC) reported results this morning that beat expectations. Shares are up about 1.5% in Tokyo. Airbus (EADSF) shares are also rising by 3% in Paris after reporting earnings Friday morning.
4) Watch commodities and currencies
Crude oil is skidding lower again -- down nearly 2% -- and currency markets are volatile.
"The last trading day of the month [brings the] risk of choppier than normal trading as institutional investors re-balance portfolios and funds adjust to fit around month end performance statistics," wrote Simon Smith, chief economist at FxPro, in a Friday note.
In early trading, the Aussie dollar and Canadian dollar were weaker, while the Swiss franc was firmer against most major currencies.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? At 9:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CNY to rise.
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