Plenty for markets to look out for as July buying and selling winds down

The Australia Q2 CPI report and BOJ monetary policy decision are already some big events for traders to work with. But there’s still much more to follow in the sessions ahead. In Europe, there will be the Eurozone July flash CPI report although it might not be that big a deal.

But in US trading later, we’ll be getting the ADP employment data and later on the Fed policy decision as well. The latter of course is the main event to watch on the day.

Besides that, there’s also month-end flows to be wary about especially when we get closer to the London fix later.

And then, there’s also key earnings releases still to come especially with Meta reporting after the close. For now, US futures are calmer with S&P 500 futures up 0.4% and Nasdaq futures up 0.8%. That comes as Microsoft reports a beat on earnings but its slow cloud growth suggests that returns from their AI investment may take longer to pan out.