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Asia and Europe fall on weak economic data, U.S. points to lower opening.
International
Asia
● Asian stock indexes slipped today due to weak U.S. economic data and the Chinese government’s actions in slowing down the rise in property prices.
● The Nikkei slumped 1.43 percent; the KOSPI was unchanged; the Shanghai Composite dropped 0.74 percent; Hang Seng rose 0.42 percent; S&P/ASX 200 retreated 0.18 percent.
Europe
● European stock indexes eased today as investors worried more about weak macroeconomic data, overriding any positive reaction to strong corporate earnings. Be aware of changes in the Vanguard MSCI Europe ETF (NYSEArca: VGK).
Domestic
● U.S. stock futures pointed lower as even after a week of strong corporate earnings.
● Ford is considering closing a plant in Europe to trim an excess supply of vehicles. The company said the oversupply will decrease its second-quarter profit outlook.
Earnings
General Electric
● 2nd Quarter - 8:30 a.m. ET
● Expected EPS = $0.37
● ETF Movements
Vanguard Industrials ETF (NYSEArca: VIS)
iShares Dow Jones U.S. Industrial Sector Index Fund (NYSEArca: IYJ)
○ Industrial Select Sector SPDR Fund (NYSEArca: XLI)
Schlumberger
● 2nd Quarter - 9 a.m. ET
● Expected EPS = $1.00
● ETF Movements
iShares Dow Jones U.S. Oil Equipment & Services Index Fund (NYSEArca: IEZ)
Van Eck Oil Services ETF (NYSEArca: OIH)
Xerox
● 2nd Quarter - 10 a.m. ET
● Expected EPS = $0.26
● ETF Movements
Not Held in Substantial Quantity in Any ETF
Commodities
All commodities news is as of 6:40 a.m. ET.
Gold Rose and Silver Fell
● Gold elevated 0.0044 percent, or $0.07, to $1581.5. Expect slight increases in the SPDR Gold Shares physical bullion ETF (NYSEArca: GLD).
● Silver slipped 0.59 percent, or $0.16, to $27.09. Expect decreases in the iShares Silver Trust (NYSEArca: SLV).
WTI and Brent Oil Slumped
● The August contract for WTI crude oil slid 1.31 percent, or $1.22, to $91.44 per barrel.
● The September contract for Brent crude oil fell 1.10 percent, or $1.19, to $106.61 per barrel.
● Expect contraction in both the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).
Fund Flows
On Thursday, July 19, 2012, the top ETF in nominal inflows was Industrial Select Sector SPDR Fund (NYSEArca: XLI), with creations of $448.7 million. The top ETF in nominal outflows was SPDR Gold Shares (NYSEArca: GLD), with redemptions of $461.0 million.
ETF Launches
None planned today
ETF Filings
None as of yet today
Economic Calendar
Domestic
● None
Americas
● Canada
CPI - 8:30 a.m. ET
Europe
● Germany
PPI - 2:00 a.m. ET
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