Here is what you need to know.
The GOP healthcare vote is on hold. Senate Majority Leader Mitch McConnell plans to delay the vote until Senator John McCain recovers from surgery to remove a blood clot from his left eye.
China’s economy tops expectations. The Chinese economy grew at a 6.9% year-over-year clip in the second quarter, National Bureau of Statistics data showed. It was the 10th straight GDP report that was either in line or 0.1% above expectations.
Euro area inflation cools down. Euro area inflation printed up 1.3% year-over-year in June, according to Eurostat data, a bit slower than the 1.4% YoY reading from May.
Fed rate hike odds are sliding. The market sees a 40.4% chance the Fed lifts its benchmark interest rate before the end of the year, according to Bloomberg’s World Interest Rate Probability data. That’s down from a 51.9% probability one week ago.
China’s steel production hits a record high. The NBS said steel output surged 5.7% to 73.23 million tonnes in June, topping the previous record of 72.78 million tonnes reported in April.
Cryptocurrencies got rocked over the weekend. Bitcoin fell nearly 20% to a low of $US1,758 a coin and Ethereum plunged about 25% to a low of $US140 an ether. Both have recouped a portion of those losses.
Sprint approaches Warren Buffett. Friday afternoon, a Wall Street Journal report surfaced suggesting that Sprint Chairman Masayoshi Son approached both Warren Buffett and cable mogul John Malone about a deal while attending the Allen & Co. annual conference in Sun Valley, Idaho.
“War for Planet of the Apes” wins the box office. The movie raked in $US56 million at this box office this past weekend, according to Exhibitor Relations, missing most industry projections.
Stock markets around the world are mixed. China’s Shanghai Composite (-1.43%) lagged in Asia and Britain’s FTSE (+0.43%) is ahead in Europe. The S&P 500 is set to open little changed near 2,460.
Earnings reporting is light. BlackRock reports ahead of the opening bell and Netflix releases its quarterly results after markets close.
US economic data trickles out. Empire Manufacturing is due out at 8:30 a.m. ET. The US 10-year yield is down 2 basis points at 2.31%.
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