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- Asian markets were mostly higher in overnight trading but the Shanghai Composite ended down 0.30 per cent falling to its lowest in over three-years. Europe is mixed and U.S. futures are modestly higher.
- Euro area unemployment was at a record 11.2 per cent in June. The region’s debt crisis and economic slowdown pushed companies to layoff workers.
- The Federal Open Market Committee begins its meeting today and all eyes are on whether the Fed will announce QE3. Consensus is that for the moment, the Fed will only extend low rates to 2015. Don’t Miss: Every tool in the Fed’s Arsenal >
- In earnings news, Pfizer reported adjusted earnings of $0.62 per share, beating expectations of $0.54. Meanwhile, UBS announced a 58 per cent decline in second quarter profits and the bank said Nasdaq’s mishandling of the Facebook IPO cost it $356 million. Check out 13 Wall Street phrases that make no sense >
- The Reserve Bank of India maintained its key rate at 8 per cent and cut its growth outlook for the year ending March to 6.5 per cent, from 7.3 per cent. The central bank has previously said that keeping inflation in check is a priority.
- Personal income and outlays for June will be out 8:30 a.m. ET, followed by S&P Case-Shiller for May at 9 a.m. ET. Consensus is for a 0.4 per cent month-over-month increase in personal income and a 0.5 per cent increase in the Case-Shiller 20-city home price index. Follow the release at Money Game >
- BP reported a net loss of $1.39 billion in the second quarter, against a net profit of $5.72 billion a year ago. Profits declined after the company wrote down its U.S. assets.
- Some poor data out of Germany. The number of people out of work climbed by 7,000 to 2.89 million in July, with unemployment rising for the fourth consecutive month. Meanwhile retail sales unexpectedly declined for a third straight month. Watch how Germany ate everyone else’s lunch after the euro was created >
- Chicago PMI for July will be released at 9:45 am ET, followed by consumer confidence for July at 10 a.m. ET. Consensus is for the business barometer index to decline to 52.5, and for consumer confidence to decline to 61.5. Follow the release at Money Game >
- India’s northern and eastern regions were impacted by power failure for a second straight day which left 600 million without electricity. Yesterday’s power outage impacted 370 million people.
- Bonus – Katy Perry was seen waving to fans from her hotel in Rio de Janeiro, Brazil.
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