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Earnings!
This week features one of the market's biggest names as the flood of earnings continues in a report that investors should be watching closely. Apple on Tuesday will disclose its results, with analysts expecting big things. The iPhone giant is forecast to show profit of $1.57 a share, a 10.7 percent gain from the same period a year ago, on revenue of $44.89 billion, or 6 percent higher. Tech stocks have been the market leaders for most of the year, but the trade seemed to hit at least a bit of a wall last week. Strong results from Apple and Sony could help the sector get its mojo back.
Economic Forecasts
There’s a stack of data on the U.S. economy due this week; highlights include jobs data that probably shows employers added about 180,000 workers in July. That’s Friday. Also watch out for manufacturing and automaker data on Tuesday. The Bank of England is also due to announce a monetary-policy decision on Thursday, with investors expecting the key rate to remain at a record low 0.25 percent. On the data front, Monday will see Euro Zone core inflation for July released at 10 a.m. London time. The annual rate is expected to hold steady at around 1.3 percent.
North Korean Tensions
Meantime, investors remained wary of geopolitical uncertainty on Monday after North Korea conducted another missile test late on Friday. Pyongyang said it had proved its ability to strike the U.S. mainland, prompting Washington to respond by flying two bombers over the Korean peninsula on Sunday.
New EU Authorities
Elsewhere, EU member states – excluding the U.K. – will have until the end of the day to submit bids for hosting the European Medicines Agency (EMA) and the European Banking Authority (EBA). The EMA and EBA headquarters – currently both based in London – will have to move away from the U.K. in the wake of Brexit, which is due to take effect by the end of March 2019.
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