Here is what you need to know.
The US dollar is out of favour. Data released by the US Commodity Futures Trading Commisson on Friday showed leveraged funds reduced their net positions in the US dollar by another $US2 billion last week, and net positioning is in jeopardy of turning short for the first time since May 2016.
A mystery trader made a massive bet that stocks will go crazy by October. The trade, which bets on a spike in volatility, could amount to a payout of as much as $US262 milion.
The US and UK are working on a post-Brexit trade deal. Liam Fox, the UK’s International Trade Secretary reportedly favours a relaxation of rules in order to land a free trade deal with the US.
Eurozone PMIs slow down. The headline reading for IHS Markit Eurozone PMI fell to 55.8 in July from 56.3 in June, making for the second straight decline. “The survey data are historically consistent with GDP rising at a quarterly rate of 0.6%, cooling slightly from a pace of over 0.7% signalled for the second quarter,” according to Chris Williamson, Chief Business Economist at IHS Markit.
OPEC isn’t making any changes. A supply meeting in St. Petersburg, Russia is likely to produce no major changes to the cartel’s strategy as production caps for two exempt countries — Libya and Nigeria — won’t be discussed, Bloomberg’s Wael Mahdi, Grant Smith, and Elena Mazneva report.
The 3rd biggest cryptocurrency is having a huge 2017. The value of ripple, the third most popular cryptocurrency, has increased by nearly 3,000% this year.
Snap hits an all-time low. Shares of the social media company dipped to an all-time low of $US14.34 on Friday and are now down about 15% from their initial public offering.
Stock markets around the world are lower. Japan’s Nikkei (-0.62%) trailed in Asia and Britain’s FTSE (-0.88%) lags in Europe. The S&P 500 is set to open down 0.15% near 2,469.
Earnings reporting picks up a bit. Halliburton reports ahead of the opening bell while Alphabet releases its quarterly results after markets close.
US economic data is moderate. Markit PMIs will be released at 9:45 a.m. ET and existing home sales are due out at 10 a.m. ET. The US 10-year yield is down 1 basis point at 2.23%.