@ Wall Street
For those global investors who deserted euro zone periphery debt some time ago, the focus could well be the start of the U.S. Q2 earnings season, with Alcoa, JPMorgan and Citigroup reporting in the coming week.
It may be a struggle for firms to beat expectations as they have done in recent quarters given margins are already healthy, there are signs that the U.S. economy is entering a soft patch, and many emerging markets are well into a tightening cycle. For financials, there is a risk that banks' trading revenues might have been affected by lower trading volumes.
U.S. banks' performance will, as usual, shape expectations about the earnings of European financial firms. This time around, any disappointment on U.S. bank results might actually see European banks underperform given the latter are already saddled with more exposure to Greece and other euro zone peripheral countries.
@ The White House
In the morning, the President will hold a news conference in the Brady Press Briefing Room on the status of efforts to find a balanced approach to deficit reduction.
Later, the President and the Vice President will receive the Presidential Daily Briefing in the Oval Office. This meeting is closed press.
Also tomorrow, the President and the Vice President will meet with Congressional Leadership in the Cabinet Room to discuss the ongoing efforts to find a balanced approach to deficit reduction. Timing for the meeting is TBD.
