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A terror attack in Nice leaves more than 80 dead, Chinese growth stabilizes, and there's a lot of U.S. data due. Here are some of the things people in markets are talking about today.
A deadly attack in the French coastal town of Nice left at least 80 people dead and scores injured after a truck drove into a crowd celebrating Bastille Day. French President Francois Hollande has extended the country's state of emergency, and has called up military reserves in the wake of the attack. In the U.S., presumptive Republican presidential nominee Donald Trump has postponed an event scheduled for today at which he was expected to announce Indiana Governor Mike Pence as his running mate. In markets, travel and leisure stocks dragged down European indexes with EasyJet Plc, Thomas Cook Group Plc, and hotel operator Accor SA among the worst performers.
In the second quarter China's gross domestic product rose 6.7 percent from a year earlier, slightly ahead of economists' estimates. A surge in credit, with the nation's broadest measure rising more than expected, fueled growth, while also increasing concerns about the amount of cash that Beijing is shoveling into the economy. The Shanghai Composite Index ended the session little changed, for a 2.2 percent gain this week.
Oil's rocky outlook
An increasing number of analysts expect oil's next move to be a drop back towards $40 a barrel. The International Energy Agency cautioned this week that “the road ahead is far from smooth,” with supply disruptions fading in Canada and possibly Libya. A barrel of West Texas Intermediate crude for August delivery was down 47 cents at $45.21 at 6:13 a.m. ET.
Markets drift lower
Asian stocks finished their best week since April with a whimper, not a roar, overnight as the MSCI Asia Pacific Index added 0.4 percent. Japan's Topix index closed 0.5 percent higher with the yen headed for its biggest weekly decline since 1999. In Europe, the Stoxx 600 Index was o.4 percent lower as travel shares slumped following the Nice attack. S&P 500 futures were flat.
It's a busy day for U.S. economic data with retail sales and CPI for June out at 8:30 a.m. ET. At the same time the latest Empire Manufacturing numbers come out, while at 9:15 a.m. we get industrial production numbers. Then at 10:00 a.m., the latest University of Michigan consumer sentiment indicators are released. Among the banks reporting earnings today are Wells Fargo & Co. and Citigroup Inc.
What we've been reading
This is what's caught our eye over the last 24 hours.
- The bull market you haven't seen.
- Brexit isn't Theresa May's only challenge.
- Carney crisis leadership morphs to BOE policy hesitation.
- Monsanto's choice: Live the dream with BASF, or just cash out.
- Bet on gold miners fuels jackpot for Soros and Calpers.
- Red hot Canadian housing market won't prevent rate cut.
- The Italian town that legally gives fake money to migrants.