Global markets moved higher and futures pointed to a strong start for U.S. stocks. The positive sentiment comes after officials from 27 countries agreed to new banking rules aimed at preventing future financial crisis. The Basel III agreement would force financial institutions to more than double their capital reserves, but banks will have several years to phase in the new capital requirements. Separately, fresh signs of strong economic expansion in China also added to market strength this morning.
The U.S. Treasury Department is scheduled to release August budget number this afternoon. On Tuesday, retail sales and business inventory data will be released. A report on industrial production and the Empire State Manufacturing Survey will be released Wednesday. On Thursday, we will see the latest Produce Price Index, the weekly jobless claims number and the Philadelphia Fed Survey. We end the week with reports on consumer prices and consumer sentiment.
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