On tap for today:

  • US GDP 2Q. No change is expected (was 1.7%). Consumption also expected to remain unchanged at 1.7%. In the last report, Inventories increased by 49.9B (subtracted -0.23% from GDP). Real Final Sales increased by 2%
  • US Durable Goods are expected to give back more than what it gained last month (-5% vs +4.1%) Ex Transportation is expected to rise by 0.2% from -0.6% however.
  • The weekly claims is expected to dip back down to 375k from 382k last week.
  • Bundesbank President Weidmann speaks in Berlin at 9 AM ET.
  • Pending Home sales are expected to increase by 0.3% MoM and 13.5% YoY (down from +15% YoY last month)
  • Spain is to announce a new austerity budget. Expected at 8 AM ET but could be different.