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Key data from Europe, U.S. on agenda
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 follow.
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 quarterly results.
Non-farm payrolls are the main event on tomorrow's calendar--perhaps the most important economic number of the month.