While the rotation from memory and hardware has left most Asian share markets in the red, European futures seem less troubled, heading for a flat open.
Wall Street futures were 0.1% higher, after a stronger session overnight thanks to cooler inflation and robust bank earnings. Results from Netflix, GE and a few banks, including U.S. Bancorp and State Street, are due later.
U.S. retail sales for June are seen rising a modest 0.2%, after May's 0.9% jump, but the control group is forecast at a solid 0.5%. Any weakness could support the dovish turn in Fed bond markets, offsetting concerns about demand.
Oh, and there's still the matter of a war going on in the Middle East, with the U.S. military conducting another wave of strikes on Iran and Tehran saying it targeted a gathering of U.S. troops.
That's why Brent is still up 18% in the past two weeks to $85 a barrel, and why central banks everywhere remain wary, with South Korea raising rates for the first time in 3-1/2 years.
For now, bond investors are just relieved the benign CPI and PPI readings have seen pricing for a July hike from the Fed fade to just 10%, from more than 40% earlier this month.
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