Economic calendar: GDP reports from Spain and Italy

  • Market moods mixed after Big Tech earnings

  • GDP reports from Spain, Italy and Canada

  • Oil companies among today's earnings reporters

Earnings from Big Tech managed to beat expectations. However, moods on the global stock exchanges are mixed as some of the major tech companies reported a drop in quarterly revenue for the first time. GDP figures from European coronavirus hotspots and consumer sentiment data from the United States are key releases scheduled for today. Earnings stream will be dominated by oil companies, like Chevron, Exxon or Phillips 66. Apart from that, investors should keep in mind that trading flows may be dominated by end-month rebalancing today.

8:00 am BST - Spain, GDP for Q2 2020. Expected: -16.1% QoQ. Previous: -5.2% QoQ

9:00 am BST - Italy, GDP for Q2 2020. Expected: -15% QoQ. Previous: -5.3% QoQ

10:00 am BST - Euro area, GDP for Q2 2020. Expected: -12% QoQ. Previous: -3.6% QoQ

1:30 pm BST - US data for June.

  • Core PCE inflation. Expected: 1% YoY. Previous: 1% YoY

  • Personal spending. Expected: 5.5% MoM. Previous: 8.2% MoM

  • Personal income. Expected: -0.5% MoM. Previous: -4.2% MoM

1:30 pm BST - Canada, GDP for May. Expected: +3.5% MoM. Previous: -11.6% MoM

3:00 pm BST - University of Michigan consumer sentiment. Expected: 73. Previous: 78.1

Noteworthy US earnings releases

  • AbbVie (ABBV.US) - before market open

  • Caterpillar (CAT.US) - before market open

  • Chevron (CVX.US) - before market open

  • Exxon Mobil (XOM.US) - before market open

  • Merck (MRK.US) - before market open

  • Phillips 66 (PSX.US) - before market open

  • Under Armour (UAA.US) - before market open

Daily summary: US stocks struggled for momentum amid weak data
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