A look at the day ahead in U.S. and global markets from Mike Dolan
The benign July investment environment gets tested on Tuesday by updates on U.S. retail sales and housing while the corporate earnings season kicks back into gear with another sweep of bank reports.
Wall St ended in positive territory on Monday after a quiet trading day in which much of the focus centred on China’s wobbling economic recovery – where disappointing second-quarter growth readings saw banks rush to cut 2023 estimates.
Returning from a weather-related closure on Monday, Hong Kong stocks (.HSI) dropped 2% as real estate sector worries mounted when the world’s most-indebted property firm Evergrande released overdue results showing steep losses and liabilities.
The anxiety there contrasted with another positive surprise on U.S. economic sentiment, with New York Federal Reserve’s manufacturing index comfortably beating estimates for July – with reported prices paid falling and new orders picking up.