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Asia falls on weak steel-making and mining earnings; Europe drops and U.S. signals lower opening on U.S. industry output data.
International
Asia
● Asian stock indexes dropped due to weak earnings from steel-making and mining companies after China’s demand for them weakened.
● The Nikkei slipped 0.05 percent; Shanghai Composite fell 1.1 percent; Hang Seng tumbled 1.18 percent; S&P/ASX 200 dipped 0.26 percent; KOSPI was closed for a holiday.
Europe
● European stock indexes fell ahead of U.S. industry report data. Check for movements in the Vanguard MSCI Europe ETF (NYSEArca: VGK).
● U.K. jobless claims in July unexpectedly dropped 5,900 instead of rising 6,000 as anticipated by analysts due to the creation of jobs for the Olympics.
● Greece is seeking a two-year extension on its austerity measures as it plans to find another €11.5 billion of spending cuts to ensure it can reduce its budget deficit by 1.5 percentage points over the next four years.
Domestic
● U.S. stock futures indicated a lower opening, as investors awaited industrial production and other economic data.
Commodities
All commodities news is as of 7:15 a.m. ET.
Gold and Silver Fell
● Gold slipped 0.28 percent, or $4.50, to $1,594.55. Expect drops in the SPDR Gold Shares physical bullion ETF (NYSEArca: GLD).
● Silver decreased 0.47 percent, or $0.13, to $27.69. Look for lowering in the iShares Silver Trust (NYSEArca: SLV).
WTI and Brent Oil Slid
● The September contract for WTI crude oil fell 0.26 percent, or $0.24, to $93.19 per barrel.
● The September contract for Brent crude oil weakened 0.16 percent, or $0.18, to $113.85 per barrel.
● Expect contraction in both the United States Oil Fund (NYSEArca: USO) and the United States Brent Oil Fund (NYSEArca: BNO).
Fund Flows
None as of yet today
ETF Launches
None as of yet today
ETF Filings
None as of yet today
Economic Calendar
Domestic
● NFIB Small Business Optimism Index - 7:30 a.m. ET
● ICSC-Goldman Store Sales - 7:45 a.m. ET
● Producer Price Index - 8:30 a.m. ET
● Retail Sales - 8:30 a.m. ET
● Redbook - 8:55 a.m. ET
● Business Inventories - 10:00 a.m. ET
Europe
● France
○ CPI - 1:30 a.m. ET
○ GDP Flash - 1:30 a.m. ET
● Germany
○ GDP Flash - 2:00 a.m. ET
○ ZEW Survey - 5:00 a.m. ET
● Switzerland
○ Producer and Import Price Index - 3:15 a.m. ET
● U.K.
○ CPI - 4:30 a.m. ET
● EMU
○ GDP Flash - 5:00 a.m. ET
○ Industrial Production - 5:00 a.m. ET
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