Happy Monday. Good Luck out there this week.
Global Spotlight
A new budget proposal in the European Union. European Council President Charles Michel will attempt the almost-impossible goal of pleasing everyone when he unveils his updated proposal for a 2021-2027 EU budget.
A test of Hong Kong’s national security laws. Hong Kong’s pro-democracy camp may hold unofficial primaries from July 11-12 to winnow their field of candidates and improve their chances in September Legislative Council elections.
The first meeting of the remaining signatories to the Open Skies Treaty since the U.S. withdrawal. Russia, Canada and a large number of European states will hold a virtual conference on July 6 that will be dominated by the U.S. announcement in May that it was leaving the treaty, which functions as a trust-building mechanism on conventional military threats.
The first in-person meeting between Andres Manuel Lopez Obrador and Donald Trump. Mexican President Andres Manuel Lopez Obrador will travel to Washington next week to hold meetings with U.S. President Donald Trump on July 8-9.
Stratfor.com
Economic Calendar
Briefing.com has a good U.S. economic calendar for the week. Here are the main U.S. releases.
Briefing.com
Last Weeks Numbers
Review Last weeks numbers here.
Earnings
Source I/B/E/S data from Refinitiv
Aggregate Estimates and Revisions
- 20Q2 earnings are expected to decrease 43.1% from 19Q2. Excluding the energy sector, the earnings growth estimate is -37.8%.
- Of the 16 companies in the S&P 500 that have reported earnings to date for 20Q2, 81.3% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 71%.
- 20Q2 revenue is expected to decrease 11.7% from 19Q2. Excluding the energy sector, the growth estimate is -8.5%.
- During the week of July 6, three S&P 500 companies are expected to report quarterly earnings.
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