Stock markets are mixed so far today with US index futures the Nikkei and the Hang Seng flat. European markets are down slightly with the FTSE and Dax both down 0.5%. Crude oil continues to stabilize, while gold is bouncing back.

In currencies today, GBP is rallying while EUR is weaker on the first anniversary of the historic Brexit referendum. The street appears to be responding favourably to PM May's plan to transition EU citizens living in the UK to settled status. Hawkish talk from outgoing MPC member Forbes may also be having an influence. 

On the other hand, ‎soft flash manufacturing PMI reports for Germany, France and Japan that missed expectations, were down over month or both, have dragged on the Euro and stocks. 

US flash PMI reports are due at 945 am EDT today. Apparently it's the annual rebalancing day for the ‎Russell indices so we could see trading activity around that. US Banks, which fell yesterday ahead of stress test results could attract renewed interest after all 34 banks tested passed. USD could ba active around speeches from FOMC members Bullard, Mester and Powell today.

CAD could be active today with Canadian inflation figures due. Yesterday's strong retail sales report boosted the loonie and today's numbers may also impact direction depending on whether they enhance or undermine the cause for an interest rate increase. This may also set the stage for next week's inflation numbers from the US Germany and Japan. 

Blackberry may attract attention from a mixed quarterly report where earnings beat the street but sales fell short of expectations. The company still expects to generate positive cash flow this year even before the Qualcomm award. 

Corporate News

Blackberry     $0.02 vs street $0.00, sales $244M vs street $265M

Economic News

Significant announcements released overnight include:

Japan flash manufacturing PMI        previous 53.1

Singapore consumer prices        street 1.3% vs previous 0.4%
Singapore core CPI            street 1.7%
Singapore industrial production        street 7.5%

France flash manufacturing PMI        street 54.0
France flash service PMI        street 57.0
Germany flash manufacturing PMI    street 59.0
Germany flash service PMI        street 55.4

Upcoming significant economic announcements include:

8:30 am EDT        Canada consumer prices        street 1.5%
8:30 am EDT        Canada core CPI common        street 1.4%

9:45 am EDT        US flash manufacturing PMI        street 53.0
9:45 am EDT        US flash service PMI            street 53.5
10:00 am EDT        US new home sales            street 590K

11:15 am EDT        FOMC Bullard speaking
12:40 pm EDT        FOMC Mester speaking
2:15 pm EDT        FOMC Powell speaking

TBA             Moody’s update on US Sovereign debt rating

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