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Asia fell on China jobs outlook; European indexes are up on earnings; the U.S. is pointing lower ahead of Fed’s beige book.
International
Asia
● Asian stock indexes mostly fell after Chinese Premier Wen Jiabao said that the job market would be weak due to falling profits in Chinese companies.
● Nikkei slipped 0.32 percent; KOSPI slumped 1.48 percent; Shanghai Composite rose 0.37 percent; Hang Seng dropped 1.11 percent; S&P/ASX 200 fell 0.42 percent.
Europe
● European stock indexes mostly advanced due to higher-than-expected corporate profits and minutes that might suggest the Bank of England will cut its interest rate. Check for activity in the Vanguard MSCI Europe ETF (NYSEArca: VGK).
Domestic
● U.S. stock futures pointed lower ahead of the Fed’s Beige Book, the central bank’s period survey of economic activity between its policy meetings.
Earnings
Abbott Labs
● 2nd Quarter - 9 a.m. ET
● Expected EPS = $1.22
● ETF Movements
Dow Jones U.S. Pharmaceutical Index Fund (NYSEArca: IHE)
Bank of America
● 2nd Quarter - 7 a.m. ET
● Actual EPS = $0.19; Expected EPS = $0.15
● ETF Movements
PowerShares KBW Bank Portfolio (NYSEArca: KBWB)
eBay
● 2nd Quarter - 5 p.m. ET
● Expected EPS = $0.48
● ETF Movements
PowerShares Nasdaq Internet Portfolio (NYSEArca: PNQI)
IBM
● 2nd Quarter - 4:30 p.m. ET
● Expected EPS = $3.42
● Expected ETF Movements
Dow Jones Industrial Average Trust (NYSEArca: DIA)
Dow Jones US Technology Index Fund (NYSEArca: IYW)
Technology Select Sector SPDR (NYSEArca: XLK)
Commodities
All commodities news is as of 7:00 a.m. ET.
Gold and Silver Slipped
● Gold dropped 0.36 percent, or $5.67, to $1577.80. Expect reduction in the SPDR Gold Shares physical bullion ETF (NYSEArca: GLD).
● Silver fell 0.92 percent, or $0.25, to $27.07. Expect contraction in the iShares Silver Trust (NYSEArca: SLV).
WTI and Brent Oil Fell
● The August contract for WTI crude oil eased 0.33 percent, or $0.29, to $88.92 per barrel.
● The September contract for Brent crude oil fell 0.17 percent, or $0.18, to $103.82 per barrel.
● Expect declines in both the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).
Fund Flows
On Tuesday, July 17, 2012, the top ETF in nominal inflows was the SPDR S&P 500 (NYSEArca: SPY), with creations of $423.0 million. The top ETF in nominal outflows was the iShares Barclays 1-3 Year Treasury Bond (NYSEArca: SHY), with redemptions of $126.7 million.
ETF Launches
UBS is bringing to market the Etracs Alerian MLP ETN (NYSEArca: AMU), a clone of the JPMorgan Alerian MLP ET (NYSEArca: AMJ), which shut down creations last month.
ETF Filings
First Trust filed to market the First Trust High Yield Fund.
Economic Calendar
Domestic
● MBA Purchase Applications - 7:00 a.m. ET
● Housing Starts - 8:30 a.m. ET
● Ben Bernanke Speaks - 10:00 a.m. ET
● Beige Book - 2:00 p.m. ET
Americas
● Canada
Bank of Canada Monetary Policy Report - 10:30 a.m. ET
Europe
● UK
BoE MPC Minutes - 4:30 a.m. ET
Labour Market Report - 4:30 a.m. ET |
