A worker walks past trucks as they line up to upload containers onto a ship at a port in Ningbo, Zhejiang province July 9, 2013.
Good morning! Here's what you need to know:
- Overseas markets were mixed. The Nikkei 225 closed down -0.39%, Australia's S&P/ASX 200 gained 0.40%, and the Hang Seng climbed 1.07%. European markets across the board were slightly lower, and U.S. futures were pointing negative.
- There was some nasty data out of China overnight. Exports fell -3.1%, and imports fell -0.7%, both missing expectations by wide margins.
- Meanwhile, Japanese consumer confidence slipped -1.4 points in June to 44.3. It's the first time in six months the index fell, and all four components — income, jobs, spending and livelihood — were down.
- Greece's production index fell -4.6% versus -1% expected.
- OPEC is raising its oil demand outlook for 2014 to 1.04 million barrels per day, which would be the most growth since 2010.
- The big news for today will be the release of the June FOMC meeting minutes. Economists will be looking for more information about the Fed's plan to taper, or gradually reduce, its stimulative bond-buying program.
- Fed Chairman Ben Bernanke will be speaking in Boston after the closing bell. The subject of the speech is "100 years of the Fed," which on the surface suggests no market-moving economic forecasts will be forthcoming. However, there will be a Q&A which could see more urgent commentary.
- Wholesale trade data comes out at 10 am. A gain of 0.3% is expected against 0.2% prior, according to Econoday. EIA will also publish data on petroleum supplies at 10:30. A bullish print would add to the recent surge in prices sparked by unrest in Egypt.
- Banking regulators proposed raising leverage ratios — the amount of capital they hold against every asset on their books — for bank holding companies by 5%. FDIC-regulated banks would see their ratios increased to 6%.
- Chris Chelios, Brendan Shanahan and Scott Niedermayer were elected to the Hockey Hall of Fame yesterday.
More From Business Insider