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 Good morning. Here's what you need to know. - Markets in Asia were lower in overnight trading. The Japanese Nikkei 225 fell 2.1%, the Hong Kong Hang Seng was flat, and the Shanghai Composite closed 0.9% lower. European markets are in the red across the board, with the London FTSE leading the way, down 1.0%. In the United States, futures point to a negative open.
- U.K. retail sales rose 1.1% in July, well above the 0.6% advance expected by economists. The strong July number brought year-over-year growth to 3.0%, the fastest rate since January 2011. Hot weather appears to have driven better-than-expected sales last month.
- Berkshire Hathaway's 13F filing revealed that Warren Buffett's conglomerate entered into new positions in Dish Network and Suncor Energy stock in the second quarter. Berkshire also closed its bet on newspaper company Gannett.
- Wal-Mart reported second quarter earnings of $1.24 per share, just shy of the $1.25 predicted by analysts, and revenues of $116.9 billion, below consensus expectations for $119.7 billion in sales. Same-store sales fell 0.3% in Q2. "Net sales in the first six months were below our expectations, so we are updating our forecast for net sales to grow between 2 and 3 percent for the full year versus our previous range of 5 to 6 percent," said Wal-Mart CFO Charles Holley in the release.
- July consumer prices data are out in the U.S. at 8:30 AM ET. Economists predict prices rose 0.2% last month after advancing 0.5% in June, bringing the annual inflation rate to 2.0% in July from 1.8%. Prices excluding food and energy are expected to have risen o.2% in July, the same as in June, bringing the annual rate of ex-food and energy inflation to 1.7% from 1.6%.
- Weekly jobless claims data are also released at 8:30. Economists predict initial claims rose to 335,000 in the week ended August 9 from 333,000 in the previous week. Continuing claims for the week ended August 2 are expected to have edged down to 3.00 million from 3.02 million the week before.
- Rounding out the 8:30 releases is the New York Fed's monthly Empire State Manufacturing Survey. Economists predict the survey's headline index rose to 10.00 from 9.46 last month, suggesting that business conditions for New York manufacturers improved marginally.
- At 9:15, July industrial production data are released. Economists predict production rose 0.3% in July, matching June's pace of growth. Capacity utilization is expected to have edged up to 77.9% from 77.8% in June.
- NAHB's monthly house price index is released at 10 AM. Economists expect the index to remain unchanged at 57 in August.
- Rounding out the data with another 10 AM release is the Philadelphia Fed's monthly survey of regional manufacturing conditions. Economists predict the survey's headline index fell to 15 from last month's 19.8 reading, suggesting continued but slowing improvement in regional business conditions. Follow all of the data LIVE on Business Insider »
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