What is it? Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.
When? At 8:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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What is it? Source changed series calculation formula as of Feb 2010. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
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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1. Top European technology stocks shed nearly $6 billion of market value on Wednesday, with suppliers for Apple (NASDAQ:AAPL) the top fallers after the tech giant's revenue forecasts fell short of expectations.
While the worst hit were the handful with 20-70 percent direct exposure, the whole sector suffered as investors cautioned against frothy valuations, with the STOXX Europe 600 tech index (SX8P) trading well above its historical average.
2. U.S. home resales rose in June to their highest level in nearly 8-1/2 years, a sign of pent-up demand that should buoy the housing market recovery and likely keep the Federal Reserve on track to raise interest rates later this year.
The National Association of Realtors said on Wednesday existing home sales increased 3.2 percent to an annual rate of 5.49 million units, the highest level since February 2007.
3. The dollar pushed higher against a basket of other major currencies on Wednesday, as data showing that U.S. existing home sales hit the highest level since 2007 in June added to expectations for the Federal Reserve to raise interest rates in the coming months.
4. Coca-Cola Co (N:KO) on Wednesday reported higher-than-expected quarterly earnings and revenue as it raised prices and boosted sales volumes in North America, where it has struggled to grow as consumers ditch soda for healthier options.
Coke has called 2015 a transition year as it tries to cut costs and boost sales of its mainstay carbonated soft drinks.
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It's all about tech today, and the Nasdaq looks set to take a big dip after hitting all-time highs on Monday.
Apple (AAPL, Tech30) and Microsoft (MSFT, Tech30) are weighing on the index after disappointing earnings late Tuesday.
1) Tech movers
Apple, Microsoft, Yahoo: Apple is set for a big drop at the open after it sold fewer iPhones than expected in the last quarter, and offered a weak outlook for the current three-month period. The stock was down 5% in premarket trading.
Microsoft is down about 4% premarket after the firm reported a huge quarterly loss, mostly due to an $8.4 billion write-down of its Nokia acquisition last year.
Shares in Yahoo (YHOO, Tech30) are also declining by about 2% ahead of the open after reporting earnings Tuesday.
This could pull the Nasdaq down by about 1% at the open.
U.S. stock futures show the Dow Jones industrial average and S&P 500 are also in negative territory, though the moves aren't as dramatic.
2) Other market movers
Chipotle, AT&T, DirecTV: Shares in Chipotle (CMG) could tumble at the open after the restaurant chain said growth had slowed dramatically in the past year. The chain's shares slid roughly 5% in extended trading.
Meanwhile, shares in AT&T (T, Tech30) and DirecTV (DTV) could move up a bit Wednesday after the chairman of the Federal Communications Commission said he is ready to give a thumbs up to their $49 billion merger.
3) Earnings
Another barrage of earnings reports are expected today. Among the companies reporting before the open are Coca-Cola (KO) and Boeing (BA).
American Express (AXP) and Qualcomm (QCOM, Tech30) are reporting after the close.
4) Economics
The National Association of Realtors will release monthly data on existing home sales at 10 a.m. ET. The association reported existing home sales in May were up 5.1%, with much of the gain due to demand from first-time home buyers.
At 10:30 a.m., the U.S. Energy Information Administration will release new data on crude oil inventories. Oil futures are trading around $50 per barrel, down 1.4%.
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What is it? Greek Parliament will vote to decide on a second package of prerequisites for further financial assistance, including tax increases on farmers.
When? Tentative
Trading Tip: This announcement can greatly affect the EUR so make sure to follow it!
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What is it? It's among the primary tools the RBNZ 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 5:00pm Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the NZD 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 RBNZ 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 5:00pm 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? The vote is reported in an 'X-X-X' format - the first number is how many MPC members voted to increase interest rates, the second number is how many voted to decrease rates, and the third is how many voted to hold rates. The BOE's MPC meeting minutes contain the interest rate vote for each MPC member during the most recent meeting. The breakdown of votes provides insight into which members are changing their stance on interest rates and how close the committee is to enacting a rate change in the future.
When? At 4:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.
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Wall Street was lower in late morning trading on Tuesday as weak revenue at IBM (NYSE:IBM) and United Technologies (NYSE:UTX) weighed on the Dow and the S&P 500 and investors awaited results from tech giants including Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT).
The dollar pushed lower against a basket of other major currencies on Tuesday, as investors continued to lock in profits from the greenback's recent rise to three-month highs as expectations for a U.S. rate hike in the near future still supported the currency. Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.
Gold prices struggled near the lowest level since 2010 on Tuesday, as prospects of higher interest rates in the U.S. continued to weigh. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange inched up 40 cents, or 0.04%, to trade at $1,107.20 a troy ounce during U.S. morning hours.
U.S. oil futures reversed earlier losses to bounce off a 15-week low on Tuesday, as traders looked ahead to weekly data on U.S. stockpiles of crude and refined products later in the day. On the New York Mercantile Exchange, crude oil for September delivery hit a session low of $50.10 a barrel, a level not seen since April 4, before recovering to trade at $50.83 during U.S. morning hours, up 39 cents, or 0.77%.
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Oil prices will most certainly be in focus Tuesday, but there are still plenty of other things to watch in the market.
1) Oil slide
Oil prices continue to slip, with crude futures currently trading around $50 per barrel.
Just last year oil was trading for double that price but then fell off a cliff -- slumping to $43 per barrel in March. They recovered to about $61 but have been falling steadily for the last six weeks.
Earlier this month, the International Energy Agency warned that the market remains "massively oversupplied" and predicted prices could drop again.
Another commodity to watch is gold, which is currently trading at a 5-year low.
2) Stock market overview
U.S. stock futures are relatively stable ahead of the open, following a calm Monday.
European markets are mixed in early trading, while most Asian markets ended with small gains.
3) Stock market movers
PayPal, IBM: Shares in PayPal (PYPLV) are rising by about 3% premarket and there's a great deal of trading going on as the company begins its second day as an independent company.
The online payment service was spun off from eBay (EBAY) on Monday and its shares immediately shot up by about 5%. PayPal is now worth nearly $50 billion.
Newmont Mining Corporation (NEM) shares are also climbing by about 3.5% premarket, recovering from a big drop since Friday. Shares in the miner have been falling steadily since late 2011.
At the other end of the market, IBM's (IBM, Tech30) shares are dipping by about 5% in extended trading after the tech giant posted quarterly earnings that fell short of investors' expectations.
4) Earnings
Summer earnings are still rolling in. Among the companies expected to report this morning are Harley-Davidson (HOG), Travelers (TRV) and Verizon (VZ, Tech30).
After the close, we'll hear from Apple (AAPL, Tech30), Microsoft (MSFT, Tech30), Yahoo (YAHOF), GoPro (GPRO, Tech30) and Chipotle (CMG).
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What is it? RBA Governor Sep 2006 - Sep 2016. Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues. As head of the central bank, which controls short term interest rates, he has more influence over the nation's currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.
When? At 11:05am 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? Although this data is extremely late relative to inflation data from other countries, it's the primary gauge of consumer prices and tends to create hefty market impacts. Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.
When? At 9:30am 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 opened slightly higher on Monday, with the Nasdaq composite hitting a record for the third straight day, as better-than-expected earnings from big companies boosted investor confidence.
On Friday, strong earnings from Google (O:GOOGL) pushed the tech-heavy Nasdaq to a record close, which gained 4.3 percent for the week, its largest weekly gain since October while the S&P 500 stopped just short of its record high.
2. U.S. oil futures fell to the lowest level in more than three months on Monday, as ongoing worries over high domestic U.S. oil production, despite a declining rig count, weighed.
On the New York Mercantile Exchange, crude oil for September delivery hit an intraday low of $50.47 a barrel, a level not seen since April 10, before trading at $50.72 during U.S. morning hours, down 49 cents, or 0.96%.
3. PayPal Holdings Inc (O:PYPL) shares jumped as much as 11 percent in their highly anticipated return to the Nasdaq on Monday, valuing the company at about $52 billion.
PayPal, spun off from eBay Inc (O:EBAY), is widely expected to build partnerships with e-commerce rivals and try to seize market share from startups such as Stripe and Square and technology behemoth Apple Inc (O:AAPL), which unveiled its own mobile payments service last year.
4. The U.S. dollar edged up to six-year highs against its Canadian counterpart on Monday, as expectations for an upcoming U.S. rate hike continued to support the greenback, while downbeat wholesale sales data from Canada weighed on the local currency.
USD/CAD hit 1.2999 during early U.S. trade, the daily high; the pair subsequently consolidated at 1.2995, adding 0.18%.
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It looks like the week is getting off to a decent start.
U.S. stock futures are edging up, all European markets are in positive territory and even Greek banks are reopening after a three-week closure.
1) Gentle markets
Global stock markets are looking stable at the start of a new week, though Asian markets ended with mixed results.
Crude oil futures are flat, up 0.1% to trade around $51 per barrel. However, gold is on the skids, trading down about 1.6% to trade around $1,114 per ounce.
The previous week was a strong one for stocks. The Dow Jones industrial average pushed up by nearly 2% over the five trading days. The S&P 500 did even better with a 2.4% gain, while the Nasdaq hit new record highs after surging by 4.3%.
2) Earnings
Earnings season continues with oilfield services company Halliburton (HAL) and Morgan Stanley (MS) reporting quarterly results before the market opens.
Toymaker Hasbro (HAS) is also reporting earnings ahead of the open. The company has benefited recently from its ties to popular movie and TV franchises, including Transformers, Star Wars toys and Marvel.
IBM (IBM, Tech30) will report after the close.
3) Greek banks reopen
Bank branches across Greece have reopened Monday after a three-week shutdown. Limits on withdrawals have been loosened a little, though daily and weekly caps remain in place. Other capital controls are also continuing and the stock exchange remains shut.
The banks were shutdown and the stock market stopped trading at the end of June as the country teetered on the brink of bankruptcy, and people rushed to withdraw their savings.
Now the situation is stabilizing as eurozone leaders have begun negotiating a new bailout for Greece worth as much as 86 billion euros ($93 billion).
4) Stock market movers
Carmax, eBay: Shares in used car seller Carmax (KMX) saw a 2% boost in extended trading after the company posted strong quarterly earnings Friday.
Shares in eBay (EBAY) are dipping by about 1.5% premarket, after surging by over 4% at the end of last week.
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What is it? It's a detailed record of the RBA Reserve Bank Board's most recent meeting, providing in-depth insights into the economic conditions that influenced their decision on where to set interest rates.
When? At 9:30am 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? It's a leading indicator of consumer spending - retailers generally order more goods from wholesalers when they expect consumer sales to increase.
When? At 8:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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