Good morning! Here's what you need to know:
- Markets were mixed. The Nikkei 225 was 0.23% higher, while the Shanghai composite was off -1.62%. European markets were mostly up.
- Gold is drifting lower, down -0.3%. The dollar was basically unchanged. U.S. Futures are pointing slightly higher.
- The latest producer price index will be published at 8:30 am, with economists basically expecting similar figures to last month's at +0.5% gain, or +0.2% excluding food and energy.
- Michigan Consumer Sentiment will come out just before 10 am, and analysts expect an unchanged reading at 84.1.
- JP Morgan announced Q2 earnings of $1.60 per share, beating analysts expectations for $1.44 per share. However, the stock is trading modestly lower. Wells Fargo beat as well, coming in at $0.98/share against $0.93 expected. The firm posted a 19% increase in Q2 profits.
- Three different Fed Presidents are speaking today — St. Louis' James Bullard and Philadelphia's Charles Plosser at a privately sponsored event in Jackson Hole, Wyo. at about 2:45 Eastern, and San Francisco's John Williams in Vancouver, BC at 5:15 Eastern.
- Data showed China's risky shadow banking activity appears to have declined in June as "aggregate financing," which includes off-balance-sheet products, fell to 1.04 trillion RMB, against 1.275 trillion RMB expected. This suggests banks have heeded Beijing's warning to ramp down, the FT says.
- Some ugly data out of Europe. Eurozone industrial production fell in May -0.3% MOM or -1.3% YOY. UK construction was flat in May.
- The aforementioned drop in the Shanghai composite may have been sparked by an unscripted comment made by Chinese minister Lou Jiwei, who said the country was ready to tolerate GDP growth of 6.5%, instead of the official goal of 7.5%, according to Bloomberg.
- The Wall Street Journal has a report out showing Thomson Reuters' insider deal for an advanced look at the aforementioned Michigan Consumer Sentiment index is not unique. Several other entities, including groups that publishes commercial truck order data, soybean production, and mattress sales. The practice is legal since the data is coming from private entities.
- Eliot Spitzer crushed the signature margin needed to get on the ballotto run for NYC comptroller, gathering more than 27,000 names.
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