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Summer Lull Meets Data Deluge, Earnings: Full Week Ahead Preview

Markets are ostensibly free to focus on the "fundamentals" again. 

With Jerome Powell's congressional testimony out of the way and Robert Mueller's appearance on Capitol Hill delayed until July 24, markets are ostensibly free to focus on the "fundamentals" again. It's a big week on the data front stateside, with retail sales, industrial production, Empire manufacturing, U of Michigan sentiment, Philly Fed manufacturing, housing starts, import prices and business inventories all due. You're reminded that Trump is now the proud owner of the largest MoM drop in the Empire manufacturing gauge in history. The index plunged 26.4 points last month, underscoring the notion that the global factory slump might be on the verge of making landfall at home. The key going forward will be how the market responds to data surprises. The fact that equities made new highs last week despite rising US yields and the hottest MoM CPI print since January 2018 opens the door to good news being greeted warmly by risk assets again. With the Fed now committed to cutting rates irrespective of how the data evolves, there would appear to be no reason why stocks can't rise in the event the numbers come in good. Of course, if the numbers come in bad, that's just another argum
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