A look at the day ahead in U.S. and global markets from Mike DolanMuch like last week's cool market reception for decent earnings beats from streamer Netflix or chipmaker TSMC, Alphabet's surprisingly muscular second quarter left its stock down 2% overnight - and even the artificial intelligence theme didn't wow the gallery.
An additional drag on European markets and the euro was a surprise contraction in overall euro zone business activity indicated by early July surveys. The U.S. equivalent is due later on Wednesday. Oil prices are now down almost 7% over the past week and the year-over-year change important for inflation calculations has turned negative again for the first time since March.
The risk of another interest rate hike in Japan and recent rounds of currency intervention have seen speculators closing what had been profitable "carry" trades funded in yen. The Bank of Japan reviews policy next Tuesday and Wednesday.* US flash business surveys for July from S&P Global. US June new home sales, June trade balance, June wholesale and retail inventories.