Here is what you need to know.
France was rocked by a devastating attack. A night of horror took place in Nice, France as at least 84 people were killed, and more than 100 injured, as a truck driver opened fire on a celebrating Bastille Day before driving his truck into the revelers. The attacker, Mohamed Lahouaiej Bouhlel, was shot and killed by French police. French President Francois Hollande called the attach “an absolute horror,” and said that the state of emergency — which was slated to end of July 26 — will be extended for at least three months.
Brexit has been scheduled. Evening Standard reports, Brexit will occur in December 2018, citing new Brexit Secretary David Davis. “This means that some of the economic benefits of Brexit will materialise even before the probable formal departure from the EU around December 2018,” Davis told the ConservativeHome website. Davis said the United Kingdom can immediately begin making trade deals and that negotiations could take between 12 an 24 months. The British pound is higher by 0.2% at 1.3372.
China’s GDP topped estimates. The Chinese economy expanded at a 6.7% year-over-year clip in the second quarter, according to the National Bureau of Statistics. That was ahead of the 6.6% that economists were expecting, and unchanged from the first quarter. Industrial output and retail sales were also strong, coming in at up 6.2% and up 10.6%, respectively. Meanwhile, fixed asset investment was an outlier, missing estimates with a 9.0% print versus expectations of 9.4%.
Eurozone Final CPI met expectations. Consumer prices in the eurozone held at up 0.1% YoY in June, according to Eurostat data. That was in-line with economists’ forecasts and unrevised from the May reading. France (+0.3%) and Germany (+0.2%) saw prices rise while Italy (-0.2%) and Spain (-0.9%) saw them fall. The euro is up 0.2% at 1.1142.
Elon Musk says the Tesla Model X that crashed in Pennsylvania wasn’t using Autopilot. Tesla CEO Elon Musk tweeted “onboard vehicle logs show Autopilot was turned off” in the Tesla Model X SUV that crashed in Pennsylvania. Musk added, “Moreover, crash would not have occurred if it was on.”
Line exploded in its trading debut. Japanese mobile-messaging app Line surged by as much as 30% in its trading debut before finishing up 26.5% at $41.55 per share. Line raised upwards of $1 billion in its initial public offering as it became just the fifth tech company to go public so far this year. The stock trades on the New York Stock Exchange under the ticker “LN.”
‘Pokemon Go’ is going global. Niantic, the developer of Nintendo’s “Pokemon Go,” says it plans to release the game in about 200 countries “relatively soon,” Reuters reports.”Why limit it?” John Hanke, chief executive of Niantic, told Reuters, saying the company was working on expanding its server capability. Shares of Nintendo have spiked nearly 80% over the past week thanks to the game’s cult following.
Stock markets around the world trade mixed. Japan’s Nikkei (+0.7%) paced the gains in Asia and France’s CAC (-0.6%) lags in Europe. S&P 500 futures are down 1.50 points at 2155.75.
2 more big banks are reporting. Citi is expected to earn an adjusted $1.10 per share on revenue of $17.52 billion, according to the Bloomberg consensus. Meanwhile, analysts are expecting Wells Fargo to announce earnings of $1.01 per share on revenue of $22.22 billion. The results are expected around 8 a.m. ET.
US economic data is plentiful. CPI, Empire Manufacturing, and retail sales will all be released at 8:30 a.m. ET before University of Michigan consumer sentiment crosses the wires at 10 a.m. ET. The Baker Hughes rig count is set for a 1 p.m. ET release. The US 10-year yield is unchanged at 1.54%.
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