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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
No positions in stocks mentioned.
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