Market Recon Monday

Good Morning,
                    Away from business and economics, there was more violence over night.  In Germany, and in Florida.  The easy route for all of us not immediately impacted when we hear of such things would be to avoid feeling it, to let it callous over.  Let’s not do that, folks.  Let’s all hurt every single time anyone hurts.  Sound naive ??  OK, then I’m naïve.  Only way this gets better is if people feel for each other.  Start today.  Maybe down the road, one person changes their mind.  Not you.  Not I.  Team.
                   Today brings us the quietest day of this week, both for macro, and for earnings.  As the week develops, you’ll hear from the FOMC, and the BOJ, and to say that there is some pressure on the BOJ would be putting it lightly.  We’ll also see Q2 GDP data from the UK, the EMU, and the US, and then there’s earnings.  Tis the season, and the season will hit it’s stride this week.  Seemingly, quarterly numbers have gotten off to a better start than many expected.  By the end of the week, we’ll know if that was simply a mirage.
                   This did not get much media attention, but under the radar, the IMF prepared a note for the G-20 concerning Special Drawing Rights, or SDR’s.  Without going into great detail, the IMF is exploring whether or not the International Monetary System would benefit from an expanded use for SDR’s.  Three forward looking roles will be studied.  The composite reserve currency asset function, issued and administered by the IMF; SDR denominated financial market instruments that could be issued and held by any party, and finally … using the SDR as a unit of account.  A step toward a global currency ? Possibly.  A strike at the US dollar as the planet’s major reserve currency ?  I think so.  We may be a long way off, but then again, we may not be.  I’d pay attention here.
                    Oh, the Democratic Party kicks off their party tonight amid lots of news.  It may, or may not be funny that neither major US political party appears to have their act together, but one thing is certain.  This is all very entertaining.
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Macro
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10:30 ET
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Dallas Fed Manufacturing Index (July):  Expected -14.1, Prior -18.3.  This will be a tough one.  You won’t see it impact the marketplace, mostly because everyone knows a tough number is coming.  Manufacturing has been the slowest slice of this economy to recover, and Dallas, thanks to what has happened to Energy prices over the last couple of years has been in a constant state of contraction since it’s last positive print in December of 2014.  After what seemed to be a semi-decent June for manufacturers, the Empire State and Philadelphia turned in mixed reports last week.  We’ll hear from Richmond, and Kansas City later this week.
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Monday’s Earnings Highlights
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Before the Open: DHR (1.22), KMB (1.47), COL, (1.59), S (-.08)
After the Close: CE (1.55), GILD (3.01), LVS (.56), TXN (.77)