What’s in Today’s Report:
- July Market Multiple Table (Important Changes)
- Weekly Market Preview: All About Inflation (and CPI on Wednesday)
- Weekly Economic Cheat Sheet: Important Inflation and Growth Data This Week
Futures are modestly lower following new COVID-related shutdowns in China.
Macau will close most businesses, including casinos, for one week following a COVID outbreak while Shanghai will continue with massive testing, in what is a signal that the “Zero COVID” policy is at least partially still in effect.
Geo-politically, Canada released a turbine to Gazprom (a Russian energy company) and the hope is that will result in increased natural gas flows to Europe in the coming weeks, putting more pressure on commodity prices.
Today there are no notable economic reports and just one Fed speaker, Williams at 2:00 p.m. ET. Futures are taking the new lockdowns in China somewhat in stride but if headlines imply anything like a repeat of the Shanghai lockdowns of March-May, expect stocks to drop as a result.