Despite Fed’s raising short-term interest rates for the 10th time in less than 30 months the long-term mortgage rates are at the same level when the Fed began raising interest rates. Housing starts to be released this week on Tuesday is to reflect higher activity at more than 2 million units.

Following is the schedule of economic data releases.

On Tuesday morning, the Department of Labor will report the Consumer Price Index, which tracks the change in retail prices for a fixed group of consumables. The index was flat in June, but is forecast to increase a slight 0.4 percent for July.

Setting aside the volatile costs of food and energy, the ""core"" CPI for July is estimated to inch up 0.2 percent compared with a 0.1 percent increase the month before.

The Labor Department will also publish the Producer Price Index, which measures wholesale prices and is sometimes considered a meter of future inflation. The index, to be released Wednesday, is expected to increase 0.5 percent in July after coming in unchanged for June. ""Core"" PPI is projected to rise 0.2 percent after declining 0.1 percent the month before.

Also Wednesday, the Department of Commerce reports on housing construction and building permits. Economists see July housing starts growing by 1.5 percent, while permits are forecast to decline about 1.1 percent.

Lastly, the Fed on Wednesday will release data on the nation's monthly industrial output, with production estimated to be 0.5 percent higher after rising 0.9 percent in June.


INTERNATIONAL MARKET NEWS

Asian-Pacific markets traded mixed in the morning session but closed mostly lower. The Nikkei erased early-session losses to finish morning session up 0.22% after hitting a four-year high last week on positive economic data, but eventually fell in the negative territory 0.04%. The trade is expected to slow down this week as Japan begins its summer ‘obon’ holiday to honor the dead. Among the other regional markets, Singapore dropped 1%, while South Korea added 0.6%. The dollar bought 109.40 yen.


European stocks closed lower with takeover talk being in the focus. Assumption Day holiday kept liquidity on the low side through much of Europe. The German DAX 30 fell 0.3%, the French CAC 40 lost 0.2%, while London’s FTSE 100 declined 0.05% The euro lost ground against the dollar to trade at $1.2377 ahead of busy economic data release this week.


ENERGY, METALS AND CURRENCIES MARKETS

Oil prices edged lower on easing refinery problems. Light sweet crude for September delivery slipped 60 cents to $66.20 a barrel at close on NYMEX. September London Brent futures rose 13 cents to $66.58 at close.

Gold prices declined in European trading. In London gold traded at a recommended price of $441.35 per troy ounce, down from $446.10. In Hong Kong gold lost $5.80 to close at $442.75. Silver traded at $6.95, down from $7.09.

The U.S. dollar gained against the other major currencies in European trading. The euro stood at $1.2367. The dollar changed hands at 109.46 yen. The British pound was quoted at $1.8091.

EARNINGS NEWS

Sysco, foodservice distributor, posted 4Q earnings rise of 44 cents a share vs. 43 cents a year ago on lower costs and expenses, meeting analysts’ estimates.

Cytori Therapeutics, a biotechnology company, announced a 2Q net loss of $5,359,000, down from $3,810,000 for the same period last year on increase in research and development related to the cell-based therapeutics and systems.