It’s the day before the July 4 holiday, and US markets will be closed early.
But sorry, it’s going to be a very busy day.
First of all, you have the mess in Europe, particularly Portugal, where the market is plunging thanks to the resignation of the finance minister.
Then of course, there’s all of the Egypt stuff to pay attention to.
And on top of that, there’s just a lot happening econ-wise.
From SocGen’s Kit Juckes:
The US has a very busy data calendar today, and an early pre-4 July close. Yesterday’s car sales data showed annualized sales get back to their best levels since 2007, yet another sign of the slow rehabilitation of the US economy. SG forecasts a rise in US non-manufacturing ISM to 54.5, a ‘taper-consistent’ outcome that would contrast sharply with the Eurozone’s 48.6. We get mortgage applications, ADP, trade data and weekly claims, too but short Treasuries vs. Bunds/Gilts and long USD vs. pretty much any other currency I can think of, still seems the way forwards.
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