Most overseas markets gain...PPI and industrial production due...Yellen reports
SEOUL, South Korea (AP) — Shanghai stocks lost ground but other international stock markets gained today after China's better-than-expected economic growth in the second quarter. Investors are awaiting the Greek parliamentary vote on a bailout deal and the Fed chair's speech on the U.S. economic outlook. Futures point to a tepid start on Wall Street. Benchmark U.S. crude oil fell below $53 per barrel. The dollar gained against the yen and slipped against the euro.
WASHINGTON (AP) — Among economic reports due today, the Labor Department will put out the Producer Price Index for June. Also, the Federal Reserve releases industrial production figures and will distribute its Beige Book. Bank of America reports quarterly financial results before the market opens, as does Delta Air Lines Inc. Netflix Inc. will report its quarterly financial results after the market closes.
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen is set to deliver the central bank's mid-year economic outlook to Congress. Uppermost in the minds of lawmakers — along with investors — is when the Fed will begin to raise its key interest rate, which has been near zero since December 2008. Yellen has two days of testimony on Capitol Hill beginning later this morning.
ATHENS, Greece (AP) — Greek Prime Minister Alexis Tsipras (TSEE'-prahs) remains in a bind as Parliament considers a critical vote today on the latest bailout deal that will saddle citizens with even more austerity. The alternative is possible collapse and an exit from the euro currency. Hard-liners in Tsipras' own Cabinet and his radical leftist Syriza (SEER'-ih-zah) party are in open revolt, as are unions.
BEIJING (AP) — China's economic growth in the latest quarter held steady at 7 percent, its weakest performance since the global crisis, but better retail sales and factory output in June suggested efforts to reverse the slump might be gaining traction. The figure reported Wednesday was slightly above forecasts and came as the ruling Communist Party is struggling to reverse a stock market plunge that threatens to disrupt its economic reform plans.