“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” -Peter Lynch

1. Turkish Stocks Fall, Currency Rebounds After Failed Coup — the Istanbul 100 Index dropped sharply last week, while the Turkish lira rebounded 3% to 2.9274 vs. the dollar, following Friday’s failed coup attempt that left 290 people dead and over 6,000 arrested. NATO allies have thrown their support behind President Erdogan, but tension is still high over his demand to extradite a U.S.-based cleric whom he blamed for the overthrow attempt.
2. Trump Formally Wins GOP Presidential Nomination — Donald Trump officially clinched the Republican presidential nomination after securing enough delegates during the roll call vote at the GOP convention. “Such a great honor… I will work hard and never let you down! AMERICA FIRST!” Trump wrote on Twitter. The U.S. Federal Election Commission will separately release its June report today, with fundraising details of both the Trump and Clinton campaigns.
3. Florida May Have First Local Zika Case in U.S. — Florida health officials are investigating a possible case of Zika that wasn’t carried back by a traveler. If it’s confirmed, it would be the first evidence the virus has spread to mosquitoes in the continental U.S. All 1,306 American cases up to now have been in people who traveled to Zika-affected regions or who have been infected by their sexual partners.
4. ECB’s Draghi Signals ECB May Boost Stimulus Later This Year — Mario Draghi said the European Central Bank won’t hesitate to add fresh stimulus if needed once it has a clearer picture of the economic impact from the U.K.’s vote to leave the European Union. Draghi spoke after the 25-member Governing Council kept its main refinancing rate at zero, the deposit rate at minus 0.4 percent and asset purchases at around 80 billion euros ($88 billion) a month. Economists foresee the central bank waiting until its next monetary-policy meeting on Sept. 8 to add stimulus, most likely by extending quantitative easing.
5. IMF Calls For Urgent Fiscal Action From G20 –the IMF painted a dark outlook for the global economy, issuing an “urgent” call for the world’s largest economies to roll out more growth-boosting policies and act more aggressively. “I don’t think this is a moment that calls for the kind of coordinated action that occurred during the ‘great recession’ in 2008 and 2009,” said U.S. Treasury Secretary Jacob Lew.

The week ahead — Economic data from Econoday.com:

Tags: G20

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