1- Trump is set to receive the Republican Party nomination this week:
The 2024 Republican National Convention starts later on Monday, where former President Donald Trump is expected to receive his party’s official nomination. Trump is likely to be nominated as the party’s leading candidate in the presidential race, with many analysts predicting an increase in his chances of defeating President Joe Biden.
2- Futures rise with earnings, Powell in the spotlight:
U.S. stock futures rose on Monday as investors awaited a big week of corporate earnings and comments from Federal Reserve Chairman Jerome Powell.
The Dow Jones Industrial Average reached an all-time high of over 40,000 points on Friday, adding to the record levels achieved by the S&P 500 and the tech-heavy Nasdaq Composite last week.
Federal Reserve Chairman Jerome Powell will also be in the spotlight, as he is scheduled for an interview at the Economic Club of Washington, D.C. In his recent testimony before Congress, Powell highlighted the ongoing efforts by the Federal Reserve to address inflation.
3- Economic growth in China:
Data on Monday showed a slowdown in China’s economic growth in the second quarter of the year, as the prolonged downturn in the real estate market significantly impacted domestic demand. The world’s second-largest economy grew by 4.7% from April to June, marking its weakest growth since the first quarter of 2023, down from 5.3% in the previous quarter.
Retail sales, a measure of consumption, rose by 2.0% in June, significantly slowing from a 3.7% increase in May. This weakness highlights the significance of the third plenary session of the Chinese Communist Party’s National Congress, an important event usually held every five years, which begins on Monday. There are expectations that Beijing will need to launch more stimulus to support the economy.
