Analysts at BBH point out that the US sees the Markit services and composite PMI and the ISM non-manufacturing report.
Key Quotes
“Investors and economists seem to recognize the US economy has accelerated in Q2. The data may not cause much of a reaction outside of the headline effect. The JOLTS report is not a market mover either, but it is expected to confirm that the labor market is robust.”
“Two other US initiatives may attract attention today. First, as both China and Taiwan take military exercises, the US has threatened to send a ship to the Straits of Taiwan. This would be seen as provocative, but of course well within US rights. Separately, reports indicate that the US has asked Saudi Arabia and other OPEC producers to boost output by around 1 mln barrels. Recall that US sanctions may take a million Iranian barrels off the market. Saudi Arabia and Russia already appear to be boosting output, and they are among the only ones thought to have the spare capacity. Brent is over 1% lower while WTI is flat.”
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