1. The Nasdaq composite index opened at a record high on Friday after strong quarterly results from Google (O:GOOGL), while Boeing (N:BA) kept the Dow in the red.
2. The dollar moved higher against a basket of other major currencies on Friday, after the release of upbeat U.S. inflation and housing data added to expectations for a rate hike in the near future.
3. Crude oil futures were little changed on Friday, hovering close to four-month lows as the stronger dollar coupled with concerns over a global supply glut continued to weigh on the commodity.
4. Boeing Co (N:BA) on Friday said it will take a $536 million after-tax charge in its second-quarter results to deal with deficiencies in the fuel system on the KC-46 aerial refueling tanker it is developing for the U.S. Air Force.
5. Gold prices held steady at eight-month lows in European morning hours on Friday, as the stronger dollar and increased risk-appetite following positive news from Greece weighed heavily on the precious metal.
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It's been a thoroughly exciting week in the markets, and it's not over yet.
1) Nasdaq set for another record?
It looks like the Nasdaq could hit new all-time highs Friday. The tech-heavy index finished Thursday with a 1% gain.
The Nasdaq will have to surpass the level 5,164.36 to reach a new record.
U.S. stock futures are mixed ahead of the open, with the Nasdaq indicating it will keep rising while the Dow Jones industrial average and S&P 500 could post small declines.
2) Earnings
General Electric (GE) and Honeywell (HON) are reporting ahead of the open.
Telecoms firm Ericsson (ERIC) reported second quarter results earlier in the morning and shares are rising by about 6% in Europe.
Shares in Google (GOOGL, Tech30) are set to surge by about 11% this morning after the tech giant reported better-than-expected results on Thursday evening.
3) Germany votes on Greek bailout
Germany's parliament -- the Bundestag -- is voting Friday on whether to support formal negotiations on a new Greek bailout, which was agreed in principle by eurozone leaders earlier this week.
"[German Chancellor Angela] Merkel has enough votes to ensure passage, but there may be interest in the level of dissent expressed vocally or in votes," said Paul Donovan, a senior economist at UBS.
Many Germans hate the idea of lending Greece more money after years of overspending and political mismanagement.
4) International markets overview
European markets are slipping a bit lower in early trading, while most Asian markets ended with strong gains.
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What is it? Financial confidence is a leading indicator of consumer spending, which accounts for a majority of overall economic activity. Survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
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? Food and energy prices account for about a quarter of CPI, but they tend to be very volatile and distort the underlying trend. The FOMC usually pays the most attention to the Core data - so do traders. 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 8:30am 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? 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. The average price of various goods and services are sampled and then compared to the previous sampling.
When? At 8:30am 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? While this is monthly data, it's reported in an annualized format (monthly figure x12). It's an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.
When? At 8:30am 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? Volatile items account for about a quarter of CPI but they tend to be very volatile and distort the underlying trend. The Bank of Canada pays most attention to the Core data - so do traders. This is among the few non-seasonally adjusted numbers reported on the calendar, as it's the calculation most commonly reported. 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 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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1. Manufacturing activity in the Philadelphia-region expanded at the slowest pace in four months in July, dampening optimism over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.7 this month from June's reading of 15.2. Analysts had expected the index to fall to 12.0 in July.
2. U.S. stocks opened higher on Thursday as investors cheered Greek parliamentary approval of a bailout plan and on strong quarterly reports from U.S. bluechip companies.
The Dow Jones industrial average (DJI) rose 68.55 points, or 0.38 percent, to 18,118.72. The S&P 500 (SPX) gained 10.79 points, or 0.51 percent, to 2,118.19 and the Nasdaq composite (IXIC) added 37.31 points, or 0.73 percent, to 5,136.25.
3. Crude oil futures rebounded from the previous day\'s steep decline on Thursday, but gains were limited amid ongoing concerns over a global supply glut.
On the ICE Futures Exchange in London, Brent oil for September delivery tacked on 60 cents, or 1.04%, to trade at $57.72 a barrel during U.S. morning hours.
4. The European Central Bank on Thursday increased its emergency lending to Greek banks by €900 million and added that it is operating under the assumption that Greece will remain in the euro zone.
Speaking at a press conference after the bank’s decision to keep euro area interest rates on hold at record lows, ECB President Mario Draghi said several positive things have happened to allow the increase in emergency liquidly assistance.
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Markets are looking perky after Greece moved one step closer to securing a massive new bailout.
Global markets are rising and U.S. stock futures were also pushing higher.
1) Greece votes "Yes"
The Greek parliament backed sweeping economic reforms needed to access a much-needed bailout worth up to $96 billion, after lengthy debate on Wednesday. Fiery protests erupted in Athens ahead of the vote on the measures, which were broadly rejected by the Greek people in a referendum earlier this month.
Now lawmakers in several eurozone parliaments -- including Germany's on Friday -- must approve the bailout plan.
And here's what to look out for Thursday: European finance ministers will discuss a short-term cash injection for Greece to keep it afloat while the bailout details are negotiated, and the European Central Bank will discuss whether to provide more support for Greece's cash-starved banks.
2) Earnings & economics
Earnings reports are pouring in today. Citigroup (C), Goldman Sachs (FADXX) and UnitedHealth (UNH) post quarterly reports before the market opens. Domino's Pizza (DPUKY) and eBay (EBAY, Tech30) are also expected to report this morning.
Google (GOOG) will deliver its earnings after the close.
The U.S. labor department releases weekly unemployment claims data at 8:30 a.m. ET. Recent reports show unemployment claims are increasing, rising from 15-year lows seen earlier this year.
Google (GOOG), LG (LPL) and Barbie-manufacturer Mattel (MAT) are reporting in the afternoon, along with oil field services giant Schlumberger (SLB).
3) Stock market movers
Watch Netflix (NFLX, Tech30) shares today. Shares are surging 12% premarket after yesterday's impressive earnings report. The internet video streaming company added 3.3 million new customers last quarter, beating its own projection of 2.5 million.
4) International markets update
Greek optimism is driving European markets higher in early trading. Germany's DAX and France's CAC put on 1.3%. In the U.K., the FTSE index rose 0.6%.
Shares in Rio Tinto (RTNTF) underperformed the broader London market, losing 0.5%, after the miner cut its 2015 guidance for iron ore shipments.
Asian markets ended with gains. Japan's benchmark Nikkei index added 0.7% and China's Shanghai Composite put on 0.5%.
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What is it? It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. A survey of about 250 manufacturers in the Philadelphia Federal Reserve district which asks respondents to rate the relative level of general business conditions.
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? Fed Chair Feb 2014 - Feb 2018. Fed Governor Oct 2010 - Jan 2024. The testimony usually comes in 2 parts: first she reads a prepared statement (a text version is made available on the Fed's website at the start), then the committee will hold a question and answer session. Since the questions are not known beforehand they can make for some unscripted moments that lead to heavy market volatility.
When? At 10:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the USD to rise.
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What is it? This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes.
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. Unemployment is also a major consideration for those steering the country's monetary policy.
When? At 8:30am 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 the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
When? At 8:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the EUR 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 ECB Press Conference held 45 minutes later. Source changed release frequency from monthly to eight times per year as of Jan 2015. 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 7:45am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the EUR to rise.
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What is it? Eurogroup meetings are usually held in Brussels and attended by the Eurogroup President, Finance Ministers from euro area member states, the Commissioner for economic and monetary affairs, and the President of the European Central Bank. They discuss a range of financial issues, such as euro support mechanisms and government finances. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering meeting objectives may be released after the meetings have concluded.
When? All Day
Trading Tip: This announcement can greatly affect the EUR so make sure to follow it!
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1. Federal Reserve Chair Janet Yellen said on Wednesday the U.S. central bank remains on track to raise interest rates this year, with labor markets expected to steadily improve and turmoil abroad unlikely to throw the U.S. economy off track.
"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate," Yellen said in testimony prepared for the U.S. House of Representatives Financial Services Committee, affirming the view of a central bank prepared to gradually raise rates after more than six years at a near-zero level.
2. The dollar turned broadly higher against a basket of other major currencies on Wednesday, after Federal Reserve Chair Janet Yellen said the central bank is on track to raise interest rates "before year end."
In prepared remarks released before her testimony to the House Financial Services committee, Fed Chair Yellen said that the Fed is likely to raise rates "at some point this year." She added that the U.S. labor market healthier but "still some slack."
3. The Canadian dollar fell to six-year lows on Wednesday after the Bank of Canada cut its overnight rate and lowered its growth forecast for this year, largely due to a weaker outlook for business investment in the energy sector.
USD/CAD jumped 1.56% to 1.2926, the most since March 2009 from around 1.2787 ahead of the announcement.
4. Prime Minister Alexis Tsipras battled to win lawmakers' approval on Wednesday for a bailout deal to keep Greece in the euro, while the country's creditors, pressed by the IMF to provide massive debt relief, struggled to agree a financial lifeline.
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