- Japan Current Account: Sunday, 23:50. The Japanese Adjusted Current Account index narrowed its surplus to 0.29T in April, following a surplus of 0.79T in March. Economists expected a larger surplus of 0.62T. Overseas trade is getting weaker day by day, badly affecting Japan’s trade balance surplus and GDP growth. However domestic demand is getting stronger providing a modest contribution to Japan’s economic growth. A small rise to a surplus of 0.42T is expected now.
- Mario Draghi Speaks: Monday, 12:30. ECB President Mario Draghi is scheduled to speak at European Parliament, in Brussels where he is likely to discuss the recent ECB rate cut and other urgent topics including the worsening situation in Greece. His words will cause volatility in the market. His recent words about “materializing downside risks” added fuel to the fire.
- Paul Tucker, deputy governor of the Bank of England, appears at a Treasury Select Committee hearing on the Barclays/Libor scandal, speech by Adam Posen, member of the MPC
Global Economic Calendar
| TIME (ET) | REPORT | PERIOD | ACTUAL | PREVIOUS |
|---|
| 3 a.m. | Turkey GDP | Q1 | 3.2% | 5.2% |
| 4:30 a.m. | U.K. manufacturing PMI | Jun. | 48.6% | 45.9% |
US Economic Calendar:
| TIME (ET) | REPORT | PERIOD | ACTUAL | FORECAST | PREVIOUS |
|---|
| 3 pm | Consumer credit | May | -- | $6.5 bln |
Earnings watchlist:
| Company | Symbol | Period | Estimated EPS | Year Ago EPS | Actual EPS | Time | Details |
|---|---|---|---|---|---|---|---|
| Firan Technology Group Corporation | FTG.TO | Q2 12 | $ N/A | $ N/A | $ | After market close | - |
| VF Corp | VFC | Q2 12 | $ 0.95 | $ 1.17 | $ | Before market open | - |
| WD-40 Co | WDFC | Q3 12 | $ 0.61 | $ 0.47 | $ | Time not supplied | - |
| Alcoa Inc. | AA | Q2 12 | $ 0.09 | $ 0.32 | $ | After market close | - |
| A. Schulman Inc. | SHLM | Q3 12 | $ 0.62 | $ 0.65 | $ | After market close | - |
| Pricesmart Inc. | PSMT | Q3 12 | $ 0.61 | $ 0.55 | $ | After Market Close | - |
House and Senate Action
This week the Senate is set to move to the Increased Payroll Tax Credit and Bonus Depreciation Bill. They will vote to move to this bill on Tuesday afternoon, but there is potential that Majority Leader Harry Reid (D-NV) could bring up other legislation that is not yet announced.
This week the House will also take up full repeal of Obamacare. The Supreme Court allowed the law to stand, placing the responsibility on Congress to repeal this massive government takeover of the health care system. The full repeal vote will take place on Wednesday, July 11. The past two years have demonstrated this law to be a disaster. From mandates that violate religious freedom to onerous taxes, Obamacare is wrong for the country. This Wednesday, the House will once again attempt to stop this law.
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