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“Never miss a good chance to shut up.” – Will Rogers
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Crude oil is getting a little bit of a bounce this morning after Saudi Arabia announced over the weekend that it would cut production by a million barrels per day in July. While prices are up nearly 2%, they are well off their highs of the overnight session as resistance at the 200-day moving average (DMA) kicked in. Equity futures are modestly higher following the lead of Europe where stocks are also marginally higher.
Summer doesn’t officially start for another two weeks or so, but when it comes to doldrums, it doesn’t get much quieter than the data slate for the upcoming week. On the economic calendar, two days this week – Tuesday and Friday – will have no scheduled releases, and on the remaining three days, the only reports of note will be ISM Services and Factory Orders (Monday), Consumer Credit (Wednesday), and Jobless Claims (Thursday). The earnings calendar is equally light as the only two earnings reports on the calendar for S&P 500 companies are JM Smucker (SJM) on Tuesday morning and Campbell Soup (CPB) on Wednesday: soup and jelly. So, not only do we have a minuscule number of companies reporting, but they could also be among the most ‘boring’ stocks in the market when it comes to earnings.
Fed speakers and politicians are always good for a few tape bombs throughout the week, but not this week. The Fed entered its blackout period ahead of the June meeting over the weekend, and with the debt deal getting signed into law, there isn’t much for politicians to talk about either. Who knows what the future will bring, but if the calendar is right, prepare for a quiet week.
With the lack of data to focus on here in the US, this morning we wanted to highlight the overnight release of inflation data in Turkey. If you thought we had it bad with inflation here in the US, Consumer Prices in Turkey rose 39.59% on a year-year basis in May, and as bad as that may sound, it was the seventh month in a row of declines and is now down by more than half from its peak of 85.51% in October. Just as inflation on the way up has been a global phenomenon, inflation on the way down (from varying levels) has also been a global trend.
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