European markets are called to open higher this morning.
Asian stocks rose for a fourth day and the cost of insuring the region’s debt fell amid speculation the global economy will continue its recovery. The New Zealand dollar rallied to the strongest level in almost four weeks after building permits surged, while Treasuries rebounded from losses.
Stocks rallied Monday, following a trifecta of positive news: A Greek bank deal, a solid U.S. consumer spending report and relief that Hurricane Irene caused less damage than expected.
Events this week
Tuesday: The Case-Shiller 20-city Index will release its June numbers ahead of the opening bell. The index is expected to fall 4.7% for June after dropping 4.51% the previous month.
Retailers Barnes & Noble (BKS, Fortune 500) and Dollar General (DG, Fortune 500) will report quarterly results before the opening bell.
Wednesday: Investors will get the ADP private employment report at 8:15 a.m. ET. Economists expect the private sector hired 100,000 fresh workers in August, down from the 114,000 the sector hired in the prior month.
In other economic data, the Commerce Department will release June factory orders data and the Institute for Supply Management’ will put out its service sector index at 10 a.m. ET.
Economists are looking for factory orders to fall 1% and the ISM’ service sector index to fall to a reading of 53.1. T
Thursday: The Labor Department’ closely-watched weekly initial jobless claims data comes out at 8:30 a.m. ET, with economists expecting claims to drop slightly to a reading of 408,000 claims from last week’ 417,000 claims.
Wall Street will get the Institute for Supply Management’ August manufacturing index, as well as construction spending figures from the Commerce Department.
Economists expect the August ISM index will fall to a reading of 47 from last month’ 48.5, while construction spending figures are expected to increase 0.1%, down slightly from last month’ 0.2% increase.
Friday: The week culminates with the Labor Department’ August jobs report, which will be released at 8:30 a.m. ET. Economists expect unemployment to stay steady at 9.1%. Payrolls are forecast to grow by 75,000 jobs in August below last month’ 117,000.
Analyst will also keep an eye out for Campbell Soup (CPB, Fortune 500), which reports quarterly results before the open.