(As of 7:15 am PST)
Equity markets are looking to add to record highs set on
Friday, opening with slight gains.
Economic reports for the US showed manufacturing in the New York region
expanded to a 5 month high, while retail sales rose a less-than-expected
0.4%. On the earnings side, Citigroup
reported a Q2 profit of $4.2 billion, up 42% from a year ago, and much better
than expected. The earnings calendar is
full this week with reports coming from Yahoo, Intel, and IBM to name a
few. In international news, China’s
economic growth slowed to 7.5% in the second quarter, but growth matched expectations. Chinese retail sales rose 13.3% in June,
better than expected. The reports helped
send stocks higher with the Shanghai composite up nearly 1%. Japanese markets were closed today for
holiday. European stocks climbed after
the Chinese data and are holding on to gains at the end of the session. Gold continues to climb, adding another .5%
or $7 to $1285/oz. Interest rates are
slightly lower. Early trade is tight
around the unchanged line as investors consider mixed economic data with a big
earnings week ahead.
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