Temporary reprieve for Greece as U.S. investors face busy data week
WEEKLY MARKET COMMENTARY |
With the risk of a Greek sovereign default at least temporarily taken off the table, forward-looking investors will turn their focus to corporate earnings, a spate of top-tier U.S. economic data and whether Chinese financial regulatory and monetary authorities can calm financial markets. Also on tap this week is Federal Reserve Chair Janet Yellen’s semiannual testimony on the economic outlook and monetary policy before Congress.
The corporate earnings calendar will feature second-quarter releases by JP Morgan, Wells Fargo, Yum! Brands, BlackRock, Bank of America, Blackstone, Goldman Sachs, Citigroup, Schlumberger, Google and General Electric, all of which retain the capacity to move global equity markets. U.S. data releases include retail sales, inflation, industrial production, regional manufacturing and the housing sector. In addition, four other Federal Reserve speakers will address the economic outlook including San Francisco Fed President John Williams, who will speak in Phoenix, Arizona on Wednesday.