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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 fell 0.3%, the Hong Kong Hang Seng rose 0.2%, and the Shanghai Composite fell 0.5%. European markets are moving higher, with France and Spain leading the way, both currently up 1.1%. In the United States, futures point to a positive open.
- Apple reported second quarter earnings of $7.47 per share, above analysts' consensus estimate of $7.30, and revenues of $35.3 billion, above expectations for $35.04 billion. The company offered revenue guidance for the next quarter in the range of $34-37 billion, compared with analysts' estimates for $36.97 billion. Shares are higher in pre-market trading.
- The China HSBC Flash Manufacturing PMI index slipped to 47.7 from last month's 48.2 reading, indicating a deepening contraction in Chinese manufacturing (any number below 50 indicates contraction while readings above 50 indicate expansion). Economists had expected the index to remain unchanged at 48.2.
- Eurozone-wide flash manufacturing PMI rose to 50.1 from last month's 48.8 reading, indicating a transition into an expansion phase. Economists had expected the index to advance to 49.1, representing solid improvement but not quite rising out of contractionary conditions. Eurozone composite PMI, which surveys both the manufacturing and services sectors, rose to 50.4 from 48.7 last month, marking the highest level on the index since January 2012.
- Within the eurozone, French flash manufacturing PMI rose to 49.8 from 48.4, beating expectations for a smaller advance to 48.8. The numbers indicate that manufacturing activity in France continues to contract, but the contraction has slowed to a near halt. German flash manufacturing PMI crossed into positive territory, with the index rising to 50.3 from last month's 48.6 reading. Economists predicted the index would only rise to 49.2, leaving German manufacturing in contraction.
- Caterpillar also announces second quarter earnings this morning before the opening bell. Analysts expect the global construction giant to report earnings of $1.70 per share, down from $2.54 a year ago. Revenues are expected to come in at $14.92 billion, down from $17.37 billion a year ago.
- Ford Motor announced second quarter earnings of $0.45 per share, above consensus estimates of $0.37 per share. Revenues came in at $38.1 billion, well above expectations for $35.24 billion. Shares are moving higher in pre-market trading.
- Rounding out the major earnings releases this morning is Pepsi, which is expected to report second quarter earnings of $1.19, up from $1.12 a year ago, on revenues of $16.79 billion, up from $16.46 billion a year ago.
- Markit's U.S. flash manufacturing PMI release is due out at 8:58 AM ET. Economists predict the index rose to 52.6 this month from June's 51.9 reading, indicating an accelerating pace of expansion in the American manufacturing sector.
- New home sales data for June are released at 10 AM. Economists expect sales rose 1.7% in June to 484,000 units annualized after advancing 2.1% to 476,000 units annualized in May. The June data likely will not reflect the surge in interest rates that occurred in May and June. Follow the data LIVE on Business Insider >
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