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 Good morning. Here's what you need to know. - Markets in Asia were mixed in overnight trading. The Japanese Nikkei 225 advanced 1.3%, the Hong Kong Hang Seng fell 0.1%, and the Shanghai Composite fell 1.1%. European markets are trading higher with the exception of Germany, currently down 0.1%. In the United States, futures point to a positive open.
- The eurozone current account surplus shrank to €19.6 billion in May from €23.8 billion the month before. The surplus over the past 12 months now stands at €189.5 billion, up from only €53.3 billion a year ago.
- British retail sales rose 0.2% in June, right in line with estimates, bringing the annual growth rate to 2.1% from 2.3% the month before. Economists expected a sharper slowdown to 1.6% annualized retail sales growth.
- Morgan Stanley reported second quarter earnings of $0.45 per share this morning ahead of consensus estimates for $0.43. Revenues, at $8.32 billion, also beat expectations of $7.89 billion. So far, Goldman Sachs, Citi, Bank of America, and Wells Fargo have all exceeded estimates this reporting season. Shares are moving higher in pre-market trading.
- Intel reported second quarter earnings of $0.39 per share, right in line with expectations, but revenues came in lighter than expected, at $12.81 billion versus $12.89 billion. The company also offered Q3 revenue guidance in a range of $13-14 billion, versus analysts' estimates for $13.72 billion. Shares are down in pre-market trading.
- IBM reported second quarter earnings of $3.91 per share, above estimates for $3.77, but revenues were only $24.9 billion, below the consensus estimate of $25.39 billion. Shares of IBM are higher in pre-market trading.
- Ebay reported second quarter earnings of $0.63 per share, a penny below the consensus estimate. Revenues were $3.87 billion, below expectations for $3.89 billion. Shares are lower in pre-market trading.
- Initial jobless claims fell to 334,000 in the week ended July 13 from a downward-revised 358,000 the week before, beating consensus estimates for a smaller drop to 345,000. Continuing claims for the week ended July 6 rose to 3.114 million from 2.977 million the previous week. Analysts caution that weekly jobless claims figures should be taken with a grain of salt this time of year due to the seasonal effects associated with summer shutdowns at auto plants.
- The Philadelphia Fed releases the results of its monthly Business Outlook Survey at 10 AM. Economists predict the headline index of regional business conditions fell to 6.8 from last month's 12.5 reading, indicating a continued but slowing expansion in the region.
- Federal Reserve Chairman Ben Bernanke concludes his semi-annual Humphrey Hawkins testimony on Fed policy with an appearance before the Senate Banking Committee this morning, starting at 10 AM. Bernanke's Q&A with the House Financial Services Committee Wednesday mostly focused on fiscal and regulatory policy issues, with little attention given to monetary policy.
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