Two Big Events We’ll Be Watching Later Today

Spying Binoculars

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We’re particularly interested in today’s industrial production and capacity utilization numbers coming out later today.Officially, industrial production is expected to have grown 0.5% in July, up from 0.2% in June. Somehow that seems pretty optimistic given the other data lately.

And capacity utilization is expected to hit 77% up from 76.7% in the previous month. Again, high hopes for growth?

This July data is very important. It should help confirm or undermine yesterday’s ugly NY Fed report.

Also big later: Nicolas Sarkozy and Angela Merkel will be holding a press conference at 12:00 PM ET.

Click here for a preview of the big Merkozy meeting.