The USD is modestly greater to begin the NA session. Stocks greater. Yields greater.

The USD is higher to start the new trading day, after an up-and-down trading day yesterday. Pres. Trump will kickstart the North American session with a interview on CNBC at 8 AM ET. US stocks are higher and bond yields are also modestly higher after declines of last two trading days.

US and Canada trade data will be released at 8:30 AM. On 45, the S&P final PMI indices will released after Mary showed .6 for the and 55.2 for the services. At 10 AM, the ISM PMI data for July will be released with 51.5 expected versus 50.8 last month

Overnight, the Bank of Japan released the June meeting minutes. Recall the central bank kept rates unchanged and are old news given the July meeting has come and gone as well.

The Bank of Japan’s June meeting minutes showed policymakers were broadly prepared to continue raising interest rates if economic growth and inflation evolved in line with forecasts. Several members noted inflation was running slightly above expectations, driven in part by higher food prices and signs of wage-driven pressures, but emphasized the need to monitor downside risks from U.S. tariffs and global trade uncertainty.

Views differed on timing and pace. Some favored holding rates steady to assess the impact of prior hikes, while others signaled hikes could resume once trade-related uncertainties eased. The minutes also flagged concerns about rising global bond yields and the need for cautious adjustment of bond purchases to maintain market stability. Given that the July policy meeting has since taken place, these June discussions provide context but reflect a policy stance shaped before the latest economic and market developments

Looking at the earnings this morning

• Pfizer (PFE) Q2: EPS $0.78 (beat; exp. $0.58), Revenue $14.65B (beat; exp. $13.50B); lifts FY25 EPS to $2.90–3.10 (exp. $3.07), affirms FY25 revenue $61–64B (exp. $63.4B).

• Caterpillar (CAT) Q2: EPS $4.72 (miss; exp. $4.95), Revenue $16.57B (beat; exp. $16.26B).

• BP Q2: Revenue $47.68B (beat; exp. $41.79B), Adj. Net Income $2.35B (beat; exp. $1.81B); EPS $0.1503 (beat; exp. $0.1171); announces $750M share buyback.

• Infineon (IFX GY) Q3: EPS €0.37 (beat; exp. €0.326), Revenue €3.7B (in line), Profit €305M (miss; exp. €403M).

Late yesterday

The PMI services and composite data were released in Europe today. There was a spattering of beats and misses. Below is the quick summary:

Beats

• UK PMI (Jul) – Composite 51.5 vs 51.0; Services 51.8 vs 51.2.

• Germany PMI (Jul) – Composite 50.6 vs 50.3; Services 50.6 vs 50.1.

• Spain Services PMI (Jul) – 55.1 vs 52.5.

• China Services PMI (Jul) – 52.6 vs 50.4.

Misses

• EU PMI (Jul) – Composite 50.9 vs 51.0; Services 51.0 vs 51.2.

• France PMI (Jul) – Composite 48.6 vs 49.6; Services 48.5 vs 49.7.

• Italy Services PMI (Jul) – 52.3 vs 52.6.

• China Composite PMI (Jul) – 50.8 vs 51.3.

Quick take

• UK and Germany led with broad beats, Spain’s services outperformed.

• Euro area headline and France were soft, and China was mixed (services strong, composite below expectations).

Looking at the US stock market in premarket trading:

• Dow industrial average is up by 46 points
• S&P index by 15.06 points
• NASDAQ index is up by 80.35 points

in the US debt market, yields are higher after declines of the last two days:

• 2-year yield 3.705%, +2 point point basis points
• 5-year yield 3.765%, +2.4 basis points
• 10 year yield 4.217%, +2.0 basis points
• 30 year yield .811%, +1.6 basis points

Looking at other major commodities and bitcoin to kickstart the North American session:

• Crude oil is trading down $0.65 or -0.90% at $65.64.
• Gold is trading down $20.75 or -0.61% at $3353.51.
• Silver is near unchanged $37.37
• Bitcoin is trading down $254 at $114,754