Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
EU inflation in the spotlight
EUR/USD could be the ‘one to watch’ in Thursday session as data is expected to show the pace of inflation remained unchanged in July, following a 1.3% reading for June.
Economists are forecasting that the consumer price index (CPI) rose at an annual rate of 1.3% in July, in line with a 1.3% rise in June.
Inflation has trailed the European Central Bank’s target, of below, but close to, 2% over the medium term.
The euro has surged against the dollar in recent months, as the European Central Bank has struggled to dent expectations that it is considering tightening monetary policy sooner rather than later.
US macro data on tap
Market participants look ahead to the release of a duo of economic reports on Thursday, which may offer further guidance on the strength of U.S. economy.
Philly Fed manufacturing index for August is expected show a slight dip in manufacturing activity as economists forecast a reading of 18.5 for the month.
On the jobs data front, economists forecast a 4,000 decline to 240,000 in the number of individuals who filed for unemployment insurance for the week ended Aug 14.
The duo of reports are expected a day after the minutes of the Federal Reserve's July meeting revealed fed members remained divided on the outlook of monetary policy tightening amid concerns over inflation.
The dollar struggled to keep pace with its rivals on Thursday, slumping to 93.41, down 0.36%.
Alibaba to fuel the rally in US stocks?
Alibaba Group Holdings Ltd (NYSE:BABA) is set to report earnings before US markets open on Thursday amid growing expectations the e-commerce giant will handily beat Wall Street estimates on both the top and bottom line.
At its ‘Investor Day’ event in June, the company stoked expectations for a solid second half of the year, revising upward its total sales growth for the year to 49% amid a surge in Chinese consumer spending.
According to China’s National Bureau of Statistics, or NBS, online retail sales in June grew 41% year-over-year, accelerating from the 30% year-over-year growth reported in May.
While e-commerce accounts for 70% of total revenue, representing Alibaba’s core segment, cloud computing is one of the company’s fastest growing segments, boasting a 103% increase year-over-year to $314 million during the previous quarter.
Alibaba is expected to report earnings of $0.92 per share, up from $0.74 compared to the same period last year, on revenue of $7.02 billion.
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