Today is the busiest day of the week, with major headlines
coming from both sides of the Atlantic.
Germany, France, and the Eurozone will release their purchasing
managers indexes of factory activity early in the session. Monetary
announcements by the Bank of England and the European Central Bank
The Challenger job-cut report at 7:30 a.m. ET is the first U.S.
release, but weekly jobless claims one hour later are much more
important. Economists expect that 345,000 Americans sought
unemployment benefits for the first time, up slightly from 343,000
in the previous week. Lower readings are potentially bullish
because it indicates that fewer people have lost their jobs.
The Institute of Supply Management's manufacturing index follows at
10 a.m. ET. Economists forecast a reading of 51.5, up from 50.9 for
June. Higher readings could be bullish because the gauge is a
forward-looking indicator of economic activity.
Auto makers will also report monthly sales during the session,
which could affect trading in those stocks.
In addition to all the economic news, companies including Exxon
Mobil, Teva Pharmaceutical, Ocwen Financial, and Sony will report
Non-farm payrolls are the main event on tomorrow's
calendar--perhaps the most important economic number of the