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Closing out the week is a big report in the U.S.: Second quarter GDP. Earnings slow from the fast clip seen earlier, but names like Merck and KKR will still drive headlines. Here’s what you need to know.
- Japan starts the night off with a reading of CPI at 7:30 p.m. Economists forecast inflation was unchanged in June.
- Japanese retail sales follow at 7:50 p.m., with expectations for a 1.1 per cent year-on-year increase in June.
- Chinese industrial profits and business confidence hit at 9:30 p.m. There is no consensus for either report.
- Announcements go quiet until 2:00 a.m. on Friday morning with Finnish business confidence.
- French consumer confidence follows at 2:45 a.m. Consensus is for no change in the July report, remaining at 90.
- Spanish unemployment is scheduled for 3:00 a.m., with projections for an 26 basis point jump to 24.7 per cent in the second quarter.
- Swedish retail sales hit at 3:30 a.m. Expectations are for a 0.2 per cent sequential improvement in June.
- Italian business confidence follows at 4:00 a.m., with forecasts for a slight decline to 88.5 in June.
- German CPI will be released at 8:00 a.m. Economists forecast CPI increased 0.4 per cent from a month earlier.
- Attention shifts to the U.S. at 8:30 a.m. with the second quarter GDP report. Consensus is for the economy to grow 1.4 per cent during the period, slower than the 1.9 per cent seen in the first three months of the year. Personal consumption is estimated to advance 1.3 per cent.
- Closing out the day at 9:55 a.m. is the University of Michigan Consumer Confidence reading. Forecasts are for no change in the final July reading, remaining at 72.0.
Below, the key earnings announcements scheduled for the day.
Calpine (CPN): -$0.02
Newmont Mining (NEM): $0.96
Weyerhaeuser (WY): $0.10
LifePoint Hospitals (LPNT): $0.81
Merck (MRK): $1.01
KKR (KKR): $0.14
Newell Rubbermaid (NWL): $0.45
Legg Mason (LM): $0.18
Chevron (CVX): $3.22
Pilgrim’s Pride (PPC): $0.23
Consensus estimates provided by Bloomberg. All times are in Eastern Standard Time.