WHAT TO WATCH: China’s export growth collapsed in July to 1 percent from a year earlier, compared with 11.3 percent in June and the median forecast of 8 percent. French industrial output stagnated in June. Corn advanced to near a record on speculation the USDA will further cut yield estimates today, 8:30 a.m. The International Energy Agency reduced oil demand forecasts for this year and next. Australia’s central bank raised its GDP growth forecast to 3.75 percent in 2012 from a May estimate of 3 percent, while warning of a drag from currency strength.
ECONOMICS: U.S. import price index, 8:30 a.m. The Fed plans to sell $7 billion to $8 billion in 2013 and 2014 notes. U.S. monthly budget statement, 2 p.m.
GOVERNMENT: France’s government said it will present a law adopting the EU’s fiscal treaty in late August, which the parliament will debate in September. Japan’s parliament ratified a bill to raise the sales tax for the first time since 1997.
COMPANIES: The U.S. Justice Department said it won’t pursue criminal charges against Goldman Sachs or its employees for allegedly concealing that the bank bet against mortgage-related securities it sold to investors.
MARKETS: European stocks snapped a five-day rally. Asian shares declined. Gold traders are the most bullish in five weeks. Oil fell the most in six days. Norway’s sovereign wealth fund lost 2.2 percent last quarter as stocks fell.