Rise and shine everyone.

Get ready for one of the biggest weeks of the quarter. This week we have:

• 40% of the S&P 500 reporting earnings including Apple, Microsoft, Amazon and Meta

• Treasury Refunding Estimates (Mon)

• US JOLTS report (Tue)

• EA and Germany Q2 GDP (Tue)

• The Bank of Japan meeting and announcements on bond purchase tapering (early Wed)

• The Fed Rate decision (Wed)

• EA Inflation (Wed)

• The Bank of England meeting (Thu)

• US PMI (Thu)

• US Labor report (Fri)

US Equity Futures continue to rally after Friday’s positive close. Asian markets rallied this morning following the US. Japan, China and South Korea all closed higher. India was flat. Europe, however, is lower on Q2 earnings reports. Reports of consumer weakness, and demand pull back in China has weighed significantly on earnings season there. The UK is higher, with the market pricing in a 50% chance of the first cut, this Thursday.

But, they are not the only ones. McDonald’s just reported a rare double miss. Global comparable sales fell 1% while US Sales fell 0.7%.

Crude oil opened higher on further tensions in the Middle East. Gold is also trading marginally higher.

Bitcoin crossed 70,000 earlier today, for a solid gain of over 2%. The price action came after Trump talked about having a “strategic national bitcoin stockpile” where the government would keep the tokens it holds or acquires. He emphasized that if Bitcoin was to be the future, he wanted it to be mined in the USA.

And finally, we have a leak ahead of the Fed meeting on Wednesday. The WSJ report Nick Timiraos, discussed a possible cut in September but no action for July.

Chart of the Day

The Fed has been on hold for 12 months now. This is the second longest period of “hold” in the last 4 decades.

Calendars

(news taken from Reuters, FT, Bloomberg; Calendar from Trading Economics)