Morgan Stanley: Fed Rate Cuts Still on Track Despite Oil-Driven Inflation 
Japan Signals Readiness to Intervene as Yen Weakens Toward 160 Per Dollar 
Asian Stocks Drop as Trump Signals Iran War Escalation 
China's Energy Resilience Shields Economy From Global Oil Shock, Goldman Sachs Says 
Gulf War Ceasefire Hopes Weigh on Dollar Ahead of Trump Address 
Oil Prices Slide as Iran Tensions Ease and U.S. Crude Stockpiles Swell 
Lots of economic dockets scheduled for today and some with high volatility risks.
Data released so far –
- China: GDP grew 6.7 percent in second quarter from a year back and 1.8 percent on quarterly basis. Urban investments grew 9 percent y/y in June. Industrial production grew 6.2 percent y/y and retail sales grew 10.6 percent on yearly basis. New loans rose by 1.38 trillion and money supply grew 11.8 percent.
Upcoming:
- Italy: Trade balance for May will be announced at 8:00 GMT.
- Eurozone: Trade balance for May will be announced at 9:00 GMT, along with consumer price inflation for June.
- United Kingdom: Bank of England (BoE) governor Mark Carney is scheduled to speak at 12:00 GMT. CB leading economic index will be published at 13:30 GMT.
- United States: New York Empire State manufacturing index will be released at 12:30 GMT, along with retail sales and consumer price inflation for June. Michigan consumer sentiment is due at 14:00 GMT.
- Canada: Manufacturing shipments data for May will be announced at 12:30 GMT.
