Retail Sales, Jobless Claims, Inventories, Bond Auction
Optimism is in the air. While analysts debate whether the US economy is on the brink of recovery or whether the recession has already ended, real GDP reports from France and Germany, just released, report that both economies were expanding in the second quarter.
“This is further evidence that the worst for the global economy is behind us and sights are now set on recovery,” said Robert Kavcic from BMO Capital Markets. Each nation was expanding at just 0.3%, a minor increase that wasn’t enough to stop the Eurozone from contracting overall (-0.1%), but it’s the first piece of growth since Q1 2008.
After gaining about 1.30% yesterday, US stock markets look to open up another 1% this morning. And equities could move even higher an hour before the bell when the Retail Sales report is released, as analysts believe the July figures were boosted on account of the surge of new vehicle sales at the end of the month. At the same time we’ll see the latest data on Jobless Claims, which will be much talked about if first-time claimants fall below 550k.
Elsewhere in the finance world, oil prices have been on the rise ($71.60), while the US$ has continued to weaken as investors extract funds in the safe haven and back into risk.
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