Bank Bonuses, Retail Sales, Jobless Claims: Advisor Briefing for the Week of July 6, 2010

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Last week we learned we'd need to wait until at least July 12 before knowing the final shape of financial services reform, as Congress broke first for Senator Robert Byrd's memorial and then for the Fourth of July. At week's end we learned that while unemployment declined in June, the actual number of jobs declined.

Following a weekend interview with the strategists behind the Fiserv-AdviceAmerica merger and an exploration of the compliance concerns revolving around social networking, this week we see multiple reports on retail sales and multiple decisions in Europe on interest rates and limiting bank bonuses. Next week should bring cloture and closure on financial reform and the beginning of what may prove to be an interesting earnings season.

On Tuesday, July 6, the Institute for Supply Management puts out its June service-sector index, while Israeli Prime Minister Benjamin Netanyahu makes his delayed visit to Washington to meet with President Obama.

On Wednesday, July 7, the European Parliament is scheduled to vote on new rules to cap bankers' cash bonuses, while both the European Central Bank and the Bank of England issue statements on their fiscal policies.

That same day, we get the first retail sales data of the week with the ICSC-Goldman Sachs retail store sales report, along with the Redbook retail report.

On Thursday, July 8, the Federal Reserve releases its consumer credit report for May, the Census Bureau releases its chain store sales report, and the Department of Labor reports on first-time weekly jobless claims.

Friday, July 9 brings the Census Bureau's report on wholesale inventories for May while the Economics and Statistics Administration puts out some selected economic indicators.

Much of the world will be in front of their television sets for the World Cup final match in Johannesburg on Sunday, July 11, and many baby boomers will feel their youth slipping further away on Wednesday, July 7, as Richard Starkey, aka Ringo Starr, turns 70.

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