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 Good morning. Here's what you need to know. - Markets in Asia were higher in overnight trading. The Japanese Nikkei 225 rose 0.6%, the Hong Kong Hang Seng was flat, and the Shanghai Composite advanced 0.3%. European markets are mostly lower this morning with the exceptions of the London FTSE 100 and Italy's MIB 35, both up around 0.2%. In the United States, futures point to a positive open.
- The Aussie dollar is trading 1.2% higher against the U.S. dollar this morning following the release of the minutes from the latest Reserve Bank of Australia monetary policy meeting. Investors are focused on a comment from the minutes implying that the recent depreciation in the Aussie dollar has increased the inflation outlook, which could in turn spell less monetary easing.
- U.K. consumer prices fell 0.2% in June – more than the expected 0.1% decline – after rising 0.2% in May, bringing the annual inflation rate to 2.9% in June from 2.7%. Core consumer price inflation edged up to 2.3% from 2.2%.
- Eurozone consumer prices rose 0.1% in June, right in line with expectations, leaving the annual rate of inflation unchanged at 1.6% and core inflation unchanged at 1.2%. The eurozone trade surplus fell to €14.6 billion in May from €15.2 billion in April, defying consensus expectations for a rise to €16.2 billion.
- The German ZEW survey of economic sentiment unexpectedly slipped to 36.3 from June's 38.5 index reading. Economists were looking for the survey's headline index to increase to 40, indicating rising confidence. The wider eurozone ZEW survey headline index, on the other hand, increased to 32.8 from last month's 30.6 reading.
- Goldman Sachs releases second quarter financial results before the opening bell. Analysts expect the investment bank to report earnings of $2.83 per share and revenues of $7.98 billion, up from $1.78 and $6.63 billion a year ago, respectively. So far, JPMorgan, Citi, and Wells Fargo have all beat estimates this reporting season.
- Coca-Cola also releases second quarter financial results this morning before the opening bell. Analysts expect the company to report earnings of $0.63 per share, up from $0.61 a year ago, and revenues of $12.96 billion, down from $13.08 billion in the second quarter of 2012.
- U.S. consumer price inflation data for June is out at 8:30 AM ET. Economists predict consumer prices rose 0.3% in June after advancing 0.1% in May, bringing the annual inflation rate to 1.6% from 1.4%. Consumer prices excluding food and energy are expected to have risen 0.2% after posting a 0.2% gain in May, bringing the annual inflation rate excluding food and energy prices to 1.6% from 1.7%.
- June industrial production numbers are released in the U.S. at 9:15 AM. Economists predict industrial production expanded 0.3% last month after flatlining in May. Manufacturing production is expected to have grown 0.2% in June after expanding 0.1% the month before.
- July NAHB homebuilder sentiment data are out at 10 AM. Economists expect the index to fall to 51.0 from June's 52.0 reading. Follow all of the data releases LIVE on Business Insider >
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