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Asia mixed on Spain fear; Europe falls on Germany downgrade; U.S. futures point lower.
International
Asia
● Asian stock indexes were mostly mixed today, as investors feared contagion from Spain’s solvency issues, and a report showed that China’s manufacturing will fall at a slower pace this month.
● The Nikkei eased 0.24 percent; Korea’s KOSPI climbed 0.25 percent; the Shanghai Composite rose 0.24 percent; the Hang Seng dropped 0.79 percent; and Australia’s S&P/ASX 200 rose 0.10 percent.
Europe
● European stock indexes fell today after Moody’s cut Germany’s rating outlook to negative, and on a mix of corporate earnings. Look for movements in the Vanguard MSCI Europe ETF (NYSEArca: VGK).
● Euro-area manufacturing contracted for the sixth-straight month, according to Markit’s index of manufacturing. The index value for the euro area met estimates and remained at 46.4, which implies a slowdown since it is below 50, the threshold between growth and contraction.
● A group of international lenders to Greece, including the IMF, European Commission and ECB, will arrive in Greece today to see why Greece isn’t keeping its bailout agreements. The troika of lenders has decided not to provide further bailout funds to Greece until it can adhere to its bailout terms.
Domestic
● U.S. stock futures pointed slightly lower with the S&P 500 futures down about 0.2 percent, as investors awaited earnings reports from companies such as Apple and AT&T.
Earnings
Apple
● 3rd Quarter - 5 p.m. ET
● Expected EPS = $10.35
● ETF Movements
iShares Dow Jones U.S. Technology Index Fund (NYSEArca: IYW)
Technology Select Sector SPDR Fund (NYSEArca: XLK)
PowerShares QQQ Trust (NasdaqGM: QQQ)
AT&T
● 2nd Quarter - 9:30 a.m. ET
● Expected EPS = $0.63
● ETF Movements
Vanguard Telecom ETF (NYSEArca: VOX)
iShares Dow Jones U.S. Telecommunications Index Fund (NYSEArca: IYZ)
DuPont
● 2nd Quarter - 9 a.m. ET
● Expected EPS = $1.46
● ETF Movements
Materials Select Sector SPDR Fund (NYSEArca: XLB)
iShares Dow Jones U.S. Basic Materials Index Fund (NYSEArca: IYM)
UPS
● 2nd Quarter - 8:30 a.m. ET
● Expected EPS = $1.17
● ETF Movements
iShares Dow Jones Transportation Average Index Fund (NYSEArca: IYT)
Commodities
All commodities news is as of 7:20 a.m. ET.
Gold and Silver Slipped
● Gold fell 0.1 percent, or $1.55, to $1575.40. Expect slight declines in the SPDR Gold Shares physical bullion ETF (NYSEArca: GLD).
● Silver dropped 0.30 percent, or $0.08, to $26.95. Expect sliding in the iShares Silver Trust (NYSEArca: SLV).
WTI and Brent Oil Fell
● The September contract for WTI crude oil declined 0.16 percent, or $0.14, to $88 per barrel.
● The September contract for Brent crude oil slipped 0.23 percent, or $0.24, to $103.02 per barrel.
● Expect abatement in both the United States Oil Fund (NYSEArca: USO) and in the United States Brent Oil Fund (NYSEArca: BNO).
Fund Flows
On Monday, July 23, 2012, the top ETF in nominal inflows was the SPDR Barclays Capital High Yield Bond (NYSEArca: JNK), with creations of $78.8 million. The top ETF in nominal outflows was the SPDR S&P 500 (NYSEArca: SPY), with redemptions of $2.45 billion.
ETF Launches
None as of yet today
ETF Filings
None as of yet today
Economic Calendar
Domestic
● ICSC-Goldman Store Sales - 7:45 a.m. ET
● Ben Bernanke Speaks - 8:45 a.m. ET
● Redbook - 8:55 a.m. ET
● PMI Manufacturing Index Flash - 8:58 a.m. ET
● FHFA House Price Index - 10:00 a.m. ET
● Richmond Fed Manufacturing Index - 10:00 a.m. ET
Americas
● Canada
Retail Sales - 8:30 a.m. ET
Europe
● France
Business Climate Indicator - 2:45 a.m. ET
● Germany
PMI Manufacturing Index Flash - 3:30 a.m. ET
PMI Services Index Flash - 3:30 a.m. ET
● EMU
PMI Services Index Flash - 4:00 a.m. ET
PMI Manufacturing Index Flash - 4:00 a.m. ET
Asia/Pacific
● New Zealand
Merchandise Trade - 6:45 p.m. ET
● Japan
Merchandise Trade - 7:50 p.m. ET
● Australia
CPI - 9:30 p.m. ET
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