Quick Overview

• U.S. durable goods orders were up 1.4% in June, stronger than expected -- the third monthly increase.
  

• U.S. new home sales were at an annual rate of 1.374 million units in June, up 4.0% from May's pace and a new record high. YoY new home sales are up 7%.
  

• A Cabinet-level official of the Chinese government said that China would "gradually" open its markets and import more than $1 trillion worth of goods from the United States over the next five years.
  

• The U.S. DoE said that:
  Crude oil supplies were down 2.3 million barrels last week to 317.8 million barrels.
  Unleaded gasoline supplies were down 2.1 million barrels.
  Heating oil supplies were up 1.4 million barrels.
  
  

• The Federal Reserve's Beige book said that economic activity expanded in all twelve districts in June and early July.
  

• Overall for-hire trucking freight volumes fell 0.2% in June on a seasonally adjusted basis, American Trucking Associations said Tuesday.
  

• Federal officials announced Wednesday they are trying to determine if there might be a third case of mad cow disease among the country's herds.
  

• Bombay..parts of the city had been hit by up to 37.1 inches of rain