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Foreign data, jobless claims on tap

David Russell (david.russell@optionmonster.com)

Today's calendar features foreign and domestic economic news, including unemployment filings.

The data begins in the overnight session, with the HSBC China purchasing managers index, which focuses on the manufacturing sector. Service-sector gauges for Germany, France and the Eurozone follow later in the morning. The numbers could affect sentiment before the opening bell.

Initial jobless claims at 8:30 a.m. ET are the first U.S. release. Economists forecast a reading of 340,000, up from 334,000 last week. A higher reading could be bearish because it would mean that more Americans lost their jobs.

Existing home sales at 10 a.m. ET are expected to show transactions at an annualized pace of 5 million for May, up from 4.97 million in April. The Philadelphia Federal Reserve's regional activity index for June is scheduled at the same time. Economists are looking for an improvement to -0.2 versus -5.2 the previous month.

There are no economic events scheduled for tomorrow.

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