Key Global Events

European stock exchanges start on parity as they seek their fifth session of gains on the heels of a bright session, with markets encouraged by slowing inflation in the United States. Milan's FTSE MIB +0.61 percent. Moncler (+1%) does well at the top of the Milan list, Cnhi (-1.5%) at the bottom. Paris' CAC +0.35%, Madrid's IBEX +0.03%, London's FTSE +0.13%.

Wall Street futures trade above par Dow Jones +0.12%, S&P500 +0.32% and Nasdaq +0.56%.

The quarterly earnings season is about to begin, in the United States it gets into full swing tomorrow with the first big banks. While today it will be the turn of the quarterlies of Delta Air Lines, Pepsi.

Forex & Commodities

On the currency, the dollar's weakness continues, the euro changes hands at $1.1141, the pound trades at +0.42%. Energy and metals move upward getting the better of the U.S. dollar. Oil trades around $76. Gold trades around 1965 dollars an ounce.

Index

Asian markets rallied after U.S. inflation for June fell more than expected to 3 percent, the smallest year-on-year increase in two years. U.S. positives also overpowered weak macroeconomic data coming out of China, where exports fell 12.4% in June year-on-year, worse than expectations for a 9.5% contraction, suggesting that momentum in the country's post-pandemic recovery is slowing. Nikkei +1.49, Hang Seng +2.66%.

Global Macroeconomic Data 

EUR - At 1:30 p.m. the ECB releases the minutes of the meeting concerning monetary policy decisions.
US - At 2:30 p.m. PPI expected to rise to 0.2% monthly will be released