- Asian markets were mixed in overnight trading with the Nikkei down 0.61 percent ending a 4-day rally. Europe is mixed and U.S. futures are modestly higher.
- Chinese official PMI continued to decline falling to an 8-month low of 50.1. Meanwhile, the unofficial HSBC PMI climbed to 49.3.
- The manufacturing scenario in Europe is dismal. German manufacturing PMI fell to 43.0 in July. Meanwhile, UK, French, and Italian PMI declined, and Spanish PMI increased, but were all under the contractionary reading of 50. Irish PMI did however rise to 53.9.
- The Federal Open Market Committee's announcement for its July 31 - August 1 meeting will take place at 2:15 p.m. ET. Investors are watching for signs of QE3, though consensus is building that the Fed will only extend low rates to 2015.
- The ADP employment report for July saw private payrolls rise by 163,000, beating expectations >
- In earnings news, In earnings news, Time Warner Inc. became the latest company to miss sales expectations when it reported revenue of $6.7 billion. Meanwhile Societe Generale's profits plunged 42 percent in the second quarter after write-downs on its Russian unit and U.S. asset manager.
- South Korean exports tumbled 8.8 percent in July, and the country's trade surplus narrowed to $2.7 billion.
- ISM manufacturing for July and construction spending for June will be released at 10 a.m. ET. Expectations are for the ISM manufacturing index level to rise to 50.1 and for a 0.5 percent month-over-month rise in construction spending.
- Australian home prices unexpectedly climbed 0.5 percent in the three months to June. This comes after 5 consecutive quarters of declines.
- S&P affirmed Spain's ratings at BBB+/A-2 but maintained its negative outlook.
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