*** ALL THINGS MONEY >>>> ATM ***

[EZ2]

Here's where a storm's a-comin' for investors, going by this global forecast
MARKETWATCH 8:52 AM ET 7/20/2017
Critical information for the U.S. trading day

It's Mario Draghi's big day! Let's see if the European Central Bank boss will squash the energized euro.

Super Mario and his sidekicks just might "ease the euro off its highs by repeating that inflation is not on a self- sustainable path and then gradually set expectations for taper from a lower base," says BK Asset Management's Kathy Lien.

You almost could forgive Draghi if he had sat this one out (http://www.marketwatch.com/story/why-mario-draghi-cant- back-down-from-ecb-taper-hints-2017-07-19), given how plenty of investors think it makes perfect sense to have a more hawkish ECB and a resurgent shared currency.

Our call of the day from Allianz is in this camp. The financial giant's strategists say Europe is a bright spot for investors and will deliver solid returns for years.

Their graphic below illustrates what they expect from markets worldwide for the rest of this year. The sun will shine on investors in Europe and India, the clouds are rolling in for U.S. markets, and Brits really better get their portfolios ready for a storm, according to their take.

"The global economy has been in a cyclical 'sweet spot' for more than a year. But now, actively differentiating between regions and countries will become more important for investors," Allianz's strategists say in their outlook for 2017's second half.

Here are some other nuggets from their forecast:

-- U.S. investors should focus on value stocks, given their recent lagging performance and how earnings growth has picked up.

-- In Europe, look for "annual returns in the 8%-10% range in the coming years. Half of this may be dividend income that tends to be less volatile."

-- Brexiting Britain looks "set to endure a significant period of economic uncertainty and weakness now, which may weaken sterling further. Consider taking profits on highly priced overseas earners."

-- Chinese stocks "have reasonable valuations and the longer-term outlook is positive."

Go here (http://ow.ly/MdJn30dCRJq) for Allianz's full take.

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Key market gauges

Futures for the Dow , S&P 500 and Nasdaq-100 are little changed, after the Dow , S&P and Nasdaq Composite all notched record closes yesterday (http://www.marketwatch.com/story/tech-stocks-on-track-to-set-another-record-even-as-sp- futures-struggle-2017-07-19).

European stocks (http://www.marketwatch.com/story/european-stocks-buoyed-by-earnings-before-ecbs-draghi-steps-on- stage-2017-07-20) are down and the euro (http://www.marketwatch.com/story/euro-holds-steady-at-115-as-all-eyes-turn-to- ecb-meeting-2017-07-20) is up, as Draghi's moment in the sun unfolds.

Asian markets mostly closed with gains (http://www.marketwatch.com/story/asian-markets-post-gains-awaiting-central- bank-decisions-2017-07-19) after the Bank of Japan maintained its monetary policy (http://www.marketwatch.com/story/ bank-of-japan-leaves-monetary-policy-alone-pushes-back-inflation-goals-2017-07-19) and pushed back its inflation goal.

See the Market Snapshot column (http://www.marketwatch.com/story/wall-street-stocks-poised-to-hold-onto-record-run- ecb-meeting-in-the-spotlight-2017-07-20) for the latest action.

The economy

The ECB, as expected made no changes to official interest rates and left its accompanying statement unaltered. The focus, as usual, is on Draghi's news conference, which has begun.

Follow our ECB live blog:Draghi walks the policy tightrope (http://blogs.marketwatch.com/thetell/2017/07/20/ecb-live- blog-mario-draghi-walks-the-policy-tightrope/)

In the U.S., fresh figures for jobless claims (http://www.marketwatch.com/story/jobless-claims-plummet-15000-to- 233000-2017-07-20) and the Philly Fed's index (http://www.marketwatch.com/story/philly-fed-manufacturing-report-shows- slowing-growth-in-july-2017-07-20) revealed declines. An update on leading indicators is on tap after the opening bell.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

The chart

Computers in every continental U.S. state are part of ethereum's network, according to our chart of the day from cryptocurrency watcher Peter Szilagyi.

"Node density seems to go hand in hand with connectivity, industrialization and wealth," Szilagyi told CNBC (http:// www.cnbc.com/2017/07/19/ethereum-takes-over-digital-currency.html), as he also shared images showing ethereum nodes in Europe and Asia:

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Oh my, we've been growing! #Ethereum nodes on @googleearth (green = @golang geth, orange = @rustlang parity, white = everything else). pic.twitter.com/lmtl5cYC5C

— Péter Szilágyi (karalabe.eth) (@peter_szilagyi) July 18, 2017

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The stat

$32 million worth of ethereum -- That is what a hacker reportedly has stolen, just two days after a theft of $7.4 million worth of the crypocurrency, as a Motherboard report (https://motherboard.vice.com/en_us/article/zmvkke/this-is- not-a-drill-a-hacker-allegedly-stole-dollar32-million-in-ethereum) puts it.

The buzz

The cheering for tech stocks is continuing, with Instinet's Frank Cappelleri sharing the chart above. He points out the Nasdaq-100 Index (QQQ) "did respect that May 17th low."

In a similar vein, the S&P 500's tech sector has topped its 2000 peak (https://blogs.wsj.com/moneybeat/2017/07/19/ techstocks/) -- though note the tech SPDR (XLK) did exactly that three months ago (http://www.marketwatch.com/story/ after-17-years-sp-500-tech-sector-finally-regains-lost-ground-2017-04-24) on a total-return basis.

The earnings deluge is continuing: Travelers (http://www.marketwatch.com/story/travelers-posts-lower-profit-as- catastrophe-and-weather-related-losses-climb-2017-07-20)(TRV) , Philip Morris International (http:// www.marketwatch.com/story/philip-morris-stock-slides-as-it-lowers-guidance-and-revenues-earnings-miss-2017-07-20)(PM) and American Airlines (http://www.marketwatch.com/story/american-airlines-stock-surges-after-raised-trasm-outlook-2017- 07-12)(AAL) posted earnings before the open. Microsoft (MSFT) , Visa (V) and eBay's (EBAY) reports are due after the close.

See:Massive changes are ahead for Microsoft, from job cuts to an accounting change (http://www.marketwatch.com/story/ microsoft-earnings-massive-changes-are-ahead-2017-07-19)

The quote

"This disease has never had a more worthy opponent." -- Sen. Lindsey Graham, a longtime friend of fellow Republican Sen. John McCain, is among the many reacting to news (http://www.washingtonexaminer.com/lindsey-graham-on-john-mccains- brain-cancer-this-disease-has-never-had-a-more-worthy-opponent/article/2629187) that McCain has been diagnosed with brain cancer (http://www.marketwatch.com/story/sen-john-mccain-diagnosed-with-brain-tumor-2017-07-19).

Random reads

O.J. Simpson might walk free (https://www.theguardian.com/us-news/2017/jul/19/oj-simpson-prison-release-parole- hearing-nevada) after a Nevada parole board hearing today.

Folks who "made Comic-Con worth going to" are "being squeezed out (http://hosted.ap.org/dynamic/stories/U/US_COMIC_ CON_PREVIEW_CAOL-?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT)."

Atlanta Falcons rookie Duke Riley casually pulls (

Falcons rookie Duke Riley casually pulling a 5500 pound SUV 😳💪 *NSFW* (via @1Goal1Dream) pic.twitter.com/eUKKSdUF69

— Bleacher Report (@BleacherReport) July 20, 2017

) an SUV weighing 5,500 pounds.

One man's quest to find the perfect weapon (https://www.bostonglobe.com/metro/2017/07/19/beware-greenhead-one-man- quest-find-perfect-weapon-against-this-wretched-creature/DdSwfHzQMvY4sXV7pLuQ8H/story.html) against the evil greenhead fly.

Nearly half of American high schoolers are apparently A students (https://qz.com/1032183/no-wonder-young-americans- feel-so-important-when-half-of-them-finish-high-school-as-a-students/).

Got a programmable thermostat for your A/C, but don't actually program it? You're not alone (https://www.eia.gov/ todayinenergy/detail.php?id=32112):

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-Victor Reklaitis; 415-439-6400; [e-mail]


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