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Daily Briefing – Monday, July 17, 2017


Amidst a hoard of bad data on friday, industrial production shone slightly with a 0.4% rise. Otherwise, CPIs all missed the mark for a 4th month in a row, as did retail sales (-0.2% MoM) and the Michigan consumer sentiment index – down 2 points to 93.1. US indexes ended last week in the green as earnings season opens, the Nasdaq gaining on tech strength.



European equities were down as the week ended thanks to banking shares. The FTSE lost nearly half a percent as the pound surged after the British government published on Thursday its 1st draft legislation on Brexit, pulling back on European-based legislation from 1972.



Chinese data overnight was excellent, with retail sales (11%), industrial production (7.6%), and GDP (6.9% MoM) all beating expectations – all thanks to exports, consumer spending and a strongly leveraged economy. Overnight, the government added another 20billion USD inito the banking system, causiing indexes to fall, as opposed to other Asian indexes, which were in the green this morning.



Quarterly earnings season kicks off today, with Netflix reporting after the close of US markets. Analysts expect the company to continue Q1’s weak performance as US market penetration drops. Expected EPS – 30 cents to the share.



After falling for the first time in a year several weeks ago, Friday’s oil rig count once again rose by 2 wells, pressuring down the surge in oil prices that was seen as the week ended. WTI is still up this morning by 0.19% with Brent crossing the $49 mark. In general oil added 5% ovr last week.


Today’s Events



10:45 PM GMT

New Zealand: CPIs

1:30 AM GMT (+1)

Australia: RBA meeting minutes

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