Global Markets Await Key Economic Data and Corporate Earnings Amidst Mixed Trading Sentiment

Reports on retail sales, industrial production, import and export prices, and housing starts are expected to draw market attention this week. Additionally, investors are eagerly awaiting earnings reports from major corporations including Goldman Sachs, Bank of America, and Morgan Stanley. The upcoming Republican National Convention in Milwaukee, which will officially nominate Trump as its candidate for the November Presidential election, is also on the radar. Asian markets saw mixed results, with gold prices falling and oil prices remaining steady, pointing towards a positive opening for Wall Street.

The U.S. major averages closed on a positive note on Friday, with the Dow, Nasdaq, and S&P 500 all posting gains. Economic indicators such as the Empire State Manufacturing Index for July and the six-month Treasury bill auction will be key points of interest on Monday. Fed Chairman Jerome Powell is scheduled to participate in an interview, while San Francisco Fed President Mary Daly will be attending the Fortune Brainstorm Tech 2024 session. European markets, however, are trading mostly lower, with the CAC 40 Index of France, the German DAX, and the U.K. FTSE 100 Index all showing declines.

Despite Japanese markets being closed for a holiday, Asian stocks experienced a mixed session, with China’s Shanghai Composite index closing slightly higher while Hong Kong’s Hang Seng index declined. Australian markets, on the other hand, saw notable gains, reaching record highs. The benchmark S&P/ASX 200 and All Ordinaries index both closed higher. The Euro Stoxx 50 Index, consisting of 50 blue-chip stocks in the euro area, also saw a decline, reflecting the mixed trading sentiment across global markets.