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Markets Positioning Ahead of Wednesday's Q2 GDP Reading   
Mon, 28 Jul 10:56 AM EST/03:56 PM GMT
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Economic Data
- (IE) Ireland Jun Retail Sales Volume M/M: -1.7% v +0.4% prior; Y/Y: 4.8% v 5.5% prior
- (BR) Brazil July FGV Construction Costs M/M: % v 0.7%e
- (IL) Israel Central Bank cuts Base Rate by 25bps to 0.50%, not expected
- (US) July Preliminary Markit Services PMI: 61 v 59.8e; Composite PMI: 60.9 v 61.0 prior-
- (US) Jun Pending Home Sales M/M: -1.1% v +0.5%e; Y/Y: -4.5% v -5.2%e
- (US) July Dallas Fed Manufacturing Activity: 12.7 v 12.0e

- Participants appear to be positioning themselves conservatively ahead of the first reading of second-quarter GDP on Wednesday. Equity indices did well in Asia trading and were pretty flat in Europe ahead of the US open, but have tracked the decline in US stocks. The yield on the 10-year UST has come in and is not too far above its May low of 2.438%. As of writing, the DJIA is down 0.27%, the S&P500 is down 0.45% and the Nasdaq is down 0.53%.

- The July Markit services PMI reading showed activity in the services sector hit its highest level in 4.5 years, equal to the June reading. Much like last week's new home sales data, June pending home sales data out this morning declined more than 1%, disappointing expectations for a slight gain. The NAR warned that tight credit conditions are deterring a higher number of potential buyers.

- Shares of Cummins are getting pushed lower this morning by the negative tone in broader markets, with CMI down 3% despite a decent quarterly report. The firm grew revenue 7% y/y and earnings rose, w ...
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