- Asian markets were mixed in overnight trading. Europe is slipping ahead of the ECB decision and U.S. futures are modestly higher as well.
- The European Central Bank will be out with its monetary policy decision at 7:45 a.m. Many are expecting some action from the central bank after president Mario Draghi promised to "do whatever it takes to preserve the euro".
- The Bank of England maintained its benchmark interest rate at 0.50 percent and held its asset purchase program at £375 billion.
- Spain sold €3.1 billion of debt beating its target. Borrowing costs however climbed at the auction with yields on the note due January 2022 climbing to 6.647 percent.
- Jobless claims will be released at 8:30 a.m. ET, followed by factory orders for June at 10 a.m. ET. Consensus is for a rise in jobless claims to 370K and a 0.7 percent month-over-month increase in factory orders.
- Today is massive for earnings news. In earnings news, Time Warner Cable reported a 7.6 percent rise in second quarter profit driven by its high-speed services. The company was however hit by its cable service and continues to lose video providers. Meanwhile,
Sunoco is expected to report earnings of $0.52 per share.
- BNP Paribas second quarter profit fell 13 percent, with net income falling to €1.85 billion, from €2.13 billion a year ago. The bank said Europe's sovereign debt crisis impacted trading revenue.
- Abercrombie & Fitch is down 16.08 percent in pre-market trading after the company issued a profit warning. Meanwhile, Green Mountain Coffee Roasters also announced earnings after the bell and the company cut its full year sales forecast.
- The China Securities Regulatory Commission (CSRC) cut transaction fees applied to stocks and futures trades to boost the flagging stock market. The Shanghai Composite has been at 3.5 year lows.
- Spain's unemployment declined by 27,814 in July or 0.6 percent on the prior month. Spanish unemployment reached a record 24.63 percent in the second quarter.
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