- The NFIB Business Optimism Index for July will be released at 10:00 GMT. Expectations is for a broadly steady 91.7 from the 91.5 reported in June.
- At 12:30 GMT, the US Producer Price Index data for July will be released:
- Monthly headline PPI is expected to increase 0.1%, less than the 0.2% advance seen a month earlier. On year, headline PPI is also anticipated to soften to 2.3% from 2.6%.
- As for the core readings, monthly Core PPI is expected to rise 0.2%, easing from the 0.4% advance a month earlier. Yearly core PPI should slip below 3%, to 2.7%..
- Around 17:15 GMT, Federal Reserve Bank of Atlanta President Raphael Bostic participates in a moderated conversation at the Conference of African American Financial Professionals in Atlanta, United States.
- Equity markets are shooting out of the gates with firm gains in Asia. The Japanese TOPIX and Nikkei index are both closing near 3% in the green. European equities and US futures are taking over the positive sentiment, although posting slightly less gains.
- The CME Fedwatch Tool shows a 52.5% chance of a 25 basis points (bps) interest rate cut by the Fed in September against a 47.5% chance for a 50 bps cut. Another 25 bps cut (if September is a 25 bps cut) is expected in November by 38.5%, while there is a 49.7% chance that rates will be 50 bps below the current levels and and a 11.7% probability of rates being 75 basis points lower.
- The US 10-year benchmark rate trades at 3.91%, easing further away from 4%.
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