Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market Primer: Draghi Will Be a No-Show at Jackson Hole, Japan GDP Forecast Slashed


Markets fell today ahead of the Case-Shiller home price index and consumer confidence data

MINYANVILLE ORIGINAL The Japanese government cut its estimates for the country's economy for the first time in 10 months in its latest monthly report. The report said that "further slowing down of overseas economies and sharp fluctuations in the financial and capital markets" are a threat to the country's economy. This comes after Japan's latest trade balance report, which showed a precipitous drop in exports to the European Union.

The euro strengthened against the dollar today as Spain successfully sold 3.6 billion euros of short-term debt at lower yields than last month. Italian borrowing costs also fell in a similar auction. Spain's economy contracted by 0.4% in the second quarter after shrinking 0.3% in the first quarter.

US economic announcements will be kicked off at 9:00 a.m. with the S&P/Case-Shiller Home Price Index. Economists expect the index to show that home prices in the 20 cities surveyed rose 0.4% in June. An hour later, the Conference Board's consumer confidence survey for this month is projected to show a slight decline to 65.8 from 65.9.

Before the economic data releases, stock futures showed modest losses. Dow (^DJI) futures declined 0.07%, S&P 500 (SPY) futures fell 0.12% to 1,406.60, and Nasdaq (^IXIC) futures fell 0.06% to 2,781.00. European and Japanese stocks also posted declines today. Crude oil futures also advanced. WTI, the US benchmark price, rose 0.84% to $96.27/barrel this morning.

European Central Bank President Mario Draghi has cancelled his appearance at this week's Jackson Hole Economic Symposium, citing a heavy workload.

In company news, Apple (AAPL) has released a list of eight Samsung (SSNLF) devices that it will seek injunctions for. This includes the popular Samsung Galaxy S II, which Apple's lawyers say is designed to siphon market share from the iPhone. The eight phones accounted for $1.3 billion of Samsung's US revenues in the first half of this year. The Korean company says that it "will take all necessary measures to ensure the availability of our products in the US market."

Twitter: @vincent_trivett
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos