Today's session is light on macroeconomic data releases, with market attention remaining almost entirely focused on trade-related developments and big tech earnings (Tesla and Alphabet).
Following the announcement of a key trade deal between Japan and the U.S., broad optimism spread across markets due to the softer conditions ultimately accepted by Trump.
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The Japan deal also shifts attention towards the EU-USA talks. Trump has called the bloc one of the toughest negotiators and 30% tariffs looming in have already encouraged talks about first-ever use of EU’s Anti-Coercion Instrument (ACI).
In North America, data from the U.S. and Canadian housing markets is due, along with the EIA report on energy commodities.
Economic Calendar for Today
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09:00 BST, Poland – June labor market data:
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Unemployment rate: forecast 5.1%; previous 5.0%
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10:30 BST, Germany – 10-year German government bond auction (Bund):
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Previous: 2.630%
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13:30 BST, Canada – New housing price index for June:
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Forecast: 0.0% m/m; previous: -0.2% m/m
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15:00 BST, United States – Existing home sales for June:
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Forecast: 4.00M; previous: 4.03M
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15:00 BST, United States – Existing home sales (m/m) for June:
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Previous: 0.8% m/m
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15:30 BST, United States – EIA report:
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Heating oil inventories: previous -0.846M
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Gasoline production: previous -0.815M
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Weekly EIA distillate prices: previous 4.173M
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Distillate fuel production: previous -0.109M
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Refinery crude throughput (w/w): previous -0.157M
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Crude oil imports: previous -0.395M
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Weekly refinery utilization rates (w/w): previous -0.8%
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Crude oil inventories: forecast -1.400M; previous -3.859M
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Crude inventories at Cushing: previous 0.213M
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Gasoline inventories: previous 3.399M
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18:00 BST, United States – 20-year bond auction:
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Previous: 4.942%
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