What to Watch: Housing Data, Bill Sales, Earnings, Debt Issuance

Tsys reverse Fri's gains on light summer volumes (TYU2<200k), low end of narrow overnight range, yield curves mildly steeper at the moment, 2s10s still inverted at -20.300 (+1.041). Quiet start to the week with limited data and the Fed in blackout through July 28.

• Later this morning:
  • NAHB Housing Market Index (67, 66) at 1000ET
  • Jul-18 1600 Net Long-term TIC Flows ($87.7B, --) at 1600ET
  • Jul-18 1600 Total Net TIC Flows (1.3B, --), 1600ET
• Tsy auctions at 1130ET:
  • US Tsy $54B 13W, $42B 26W bill auctions
• Stock earnings resume this morning:
  • Bank of America missed: $0.73 vs $0.746 est
  • Goldman Sachs beat: $7.73 vs. $6.647 est
  • Still waiting for Charles Schwab ahead the open, $0.902 est; IBM after the close, $2.288 est. Corporate issuance to accelerate as companies exit earnings.
• Geopolitical: No Sign Of Resolution To Political Crisis As PM Draghi Visits Algeria: Prime Minister Mario Draghi visits Algeria today to meet with gov't officials to discuss a potential gas supply deal amidst an ongoing political crisis in Rome.
• Foreign Ministers Meet To Sign Off On Latest Russia Sanctions Enhancements: European Union foreign ministers meeting presently in Brussels as part of the Foreign Affairs Council.