The USD is higher to start the new trading day, after an up-and-down trading day yesterday. Pres. Trump will kickstart the North American session with a interview on CNBC at 8 AM ET. US stocks are higher and bond yields are also modestly higher after declines of last two trading days.
US and Canada trade data will be released at 8:30 AM. On 45, the S&P final PMI indices will released after Mary showed .6 for the and 55.2 for the services. At 10 AM, the ISM PMI data for July will be released with 51.5 expected versus 50.8 last month
Overnight, the Bank of Japan released the June meeting minutes. Recall the central bank kept rates unchanged and are old news given the July meeting has come and gone as well.
The Bank of Japan’s June meeting minutes showed policymakers were broadly prepared to continue raising interest rates if economic growth and inflation evolved in line with forecasts. Several members noted inflation was running slightly above expectations, driven in part by higher food prices and signs of wage-driven pressures, but emphasized the need to monitor downside risks from U.S. tariffs and global trade uncertainty.
Views differed on timing and pace. Some favored holding rates steady to assess the impact of prior hikes, while others signaled hikes could resume once trade-related uncertainties eased. The minutes also flagged concerns about rising global bond yields and the need for cautious adjustment of bond purchases to maintain market stability. Given that the July policy meeting has since taken place, these June discussions provide context but reflect a policy stance shaped before the latest economic and market developments
Looking at the earnings this morning
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Pfizer (PFE) Q2: EPS $0.78 (beat; exp. $0.58), Revenue $14.65B (beat; exp. $13.50B); lifts FY25 EPS to $2.90–3.10 (exp. $3.07), affirms FY25 revenue $61–64B (exp. $63.4B).
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Caterpillar (CAT) Q2: EPS $4.72 (miss; exp. $4.95), Revenue $16.57B (beat; exp. $16.26B).
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BP Q2: Revenue $47.68B (beat; exp. $41.79B), Adj. Net Income $2.35B (beat; exp. $1.81B); EPS $0.1503 (beat; exp. $0.1171); announces $750M share buyback.
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Infineon (IFX GY) Q3: EPS €0.37 (beat; exp. €0.326), Revenue €3.7B (in line), Profit €305M (miss; exp. €403M).
Late yesterday
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Palantir (PLTR) Q2: EPS $0.16 (beat; exp. $0.014), Revenue $1.00B (beat; exp. $937.7M).
The PMI services and composite data were released in Europe today. There was a spattering of beats and misses
