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Top 5 things to know in the market on Tuesday

Published 08/08/2017, 05:41 AM
Updated 08/08/2017, 05:41 AM
© Reuters.  Top 5 things to know today in financial markets

© Reuters. Top 5 things to know today in financial markets

Investing.com - Here are the top five things you need to know in financial markets on Tuesday, August 8:

1. China, German trade data disappoints

China reported weaker-than-anticipated exports and imports for July, raising concerns over whether global demand is starting to cool.

The Asian nation's export growth slowed to 7.2% in July, the weakest pace since February and cooling from an 11.3% rise in June. Analysts had expected a 10.9% gain.

Imports rose 11.0%, the slowest growth since December and down from a 17.2% rise in the previous month. That also missed expectations of 16.6% growth.

That left the country with a trade surplus of $46.74 billion for the month, the highest since January.

In Europe, data showed that German exports dropped by 2.8%, the sharpest fall since August 2015 that ended five consecutive months of growth. Imports declined 4.5%, the biggest drop since January 2009. Both figures confounded market expectations that had pointed to exports edging down 0.3% and imports rising by 0.2%.

The trade surplus widened to €21.2 billion, reaching its highest level since August 2016.

2. Markets await conclusion of OPEC / non-OPEC meeting

Market players looked ahead to the outcome of a meeting of officials from some OPEC and non-member nations in Abu Dhabi for fresh details on how the group can increase compliance with production cuts that began at the start of the year.

According to recent calculations, compliance fell to 86% in July, the lowest level since January.

Oil prices were higher, with U.S. crude last at $49.70 a barrel, up 31 cents, or about 0.6%, while Brent oil added 26 cents, or roughly 0.5%, to $52.63 a barrel.

Investors also awaited weekly data from the American Petroleum Institute on stockpiles of crude and refined products, with a report due at 4:30PM ET (2030GMT).

3. Last major wave of U.S. earnings

Dozens of companies are expected to release earnings today in one of the last big waves of the earnings season.

Ahead of the opening bell, results are due from Dean Foods (NYSE:DF), CVS Health (NYSE:CVS), Michael Kors (NYSE:KORS), Ralph Lauren (NYSE:RL), Time Inc (NYSE:TIME), Wayfair (NYSE:W), SeaWorld (NYSE:SEAS), Norwegian Cruise Line (NASDAQ:NCLH) and Virtu Financial (NASDAQ:VIRT).

Disney (NYSE:DIS), Priceline (NASDAQ:PCLN), TripAdvisor (NASDAQ:TRIP), Hertz Global (NYSE:HTZ), Monster Beverage (NASDAQ:MNST), Continental Resources (NYSE:CLR) and Zillow (NASDAQ:ZG) report after the market close.

U.S. stock futures pointed to a muted open on Wall Street, with the blue-chip Dow futures down 5 points; the S&P 500 futures dipped 2 points, while the tech-heavy Nasdaq 100 futures shed 3 points.

4. Dollar's drift lower continues

The dollar index, which tracks the greenback against a basket of six global peers, inched down around 0.1% to 93.20, after touching an overnight low of 93.12.

With no major economic reports on today's calendar, market players looked ahead to monthly inflation indicators due later in the week for fresh clues on the timing of the next Federal Reserve rate hike.

St. Louis Fed President James Bullard said Monday the central bank doesn't need to raise rates in the near term because inflation is unlikely to rise significantly, despite improvements in the labor market.

5. Bitcoin nears $3,500 as monster rally continues

Bitcoin prices moved toward the $3,500-level as a monster rally continued amid growing optimism over the digital currency's future following last week's relatively uneventful 'hard fork' split.

Prices were last at $3,469.00 on the on the U.S.-based Bitfinex exchange, up $120.80, or 3.7%. It rose to an all-time peak of $3,483.80 earlier (BTC/USD).

The cryptocurrency has now more than tripled in value for the year, taking the total value of Bitcoin in circulation to more than $55 billion.

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