US futures are indicating a higher open. European equity markets are trading mixed, following Asian markets finished mixed on Friday. Market attention today is on the advance reading for Q2 GDP, which showed the economy growing at 2.8% q/q, well ahead of the consensus 1.9%. It indicates a healthy consumer and inflation moving in the right direction, which may prompt Fed Chair Powell to take a slightly more hawkish stance. Yen volatility continues, hitting its highest level against the dollar since early May, driven by a hawkish repricing of BOJ rates and a pickup in Fed easing expectations. BoE rate cut pricing is now more than 50% for August and fully priced for two moves of 25 bps by year-end.
Companies Mentioned: JPMorgan Chase (NYSE:JPM), Johnson & Johnson (NYSE:JNJ), GE Vernova