Good Morning Traders! This Tuesday brings us German IFO data as the main event for the session.
Here is what to keep an eye out for.
Sentiment
After Beijing signalled more support for the faltering economy, including further relaxing of policy limits in the problematic real estate industry, Chinese stocks and the yuan gained strongly.
The prognosis for energy consumption improved when China announced additional measures to spur economic growth, just as the global market was beginning to tighten.
As indications of a tightening crude market outweighed the possibility of another Federal Reserve rate hike, oil soared to a three-month high and closed above a crucial technical barrier.
After Russia bombed one of Ukraine's largest Danube river ports, wheat and maize prices skyrocketed, increasing the dangers to Kyiv's final major grain export route and the global food trade.
Docket
04:00 AM ET
German IFO Business Climate
Median Forecast 88 | Prior 88.5 | Range 90.0/86.5
German IFO Current Conditions
Median Forecast 92.9 | Prior 93.7 | Range 95.0/88.7
German IFO Expectations
Median Forecast 83.5 | Prior 83.6 | Range 85.0/80.6
Earnings
06:30 AM ET
General Motors Q2 2023 Earnings
Est. EPS $1.86 | Est. Rev. $42.82 bln
Good Luck Today Traders!
