Wednesday's Events: Cnd Ivey PMI, DOE Oil Inventories, Tsy Sells 10-Year Notes

The Canadian Ivey PMI and international reserves top the economic news for the region as Americans brace themselves for a ten-year Treasury auction and the Department of Energy's weekly oil inventories.

At 7 a.m. EDT, the U.S. Mortgage Bankers Association will release mortgage applications for the week ending Aug. 1. In the previous week, applications declined 14.1% week-over-week.

At 8:15 a.m. EDT, Finance Canada will release official international reserves for July, which stood at $267 million in June.

At 10 a.m. EDT, the Richard Ivey School of Business will release its Canadian purchasing managers' index for July. Economists expect the headline index to decline to 61.0 from 69.6 in June.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending Aug. 1. Economists are expecting a 200k draw in crude oil reserves following the previous 81k decrease. Gasoline inventories are expected to fall 1500k following the previous 3525k decline. Distillate inventories are expected to add 2000k barrels after rising 2396k in the previous week. Refinery utilization is expected to come in flat after rising 0.3% in the previous week.

At 1 p.m. EDT, the U.S. Treasury will sell $17 billion in 10-year Treasury notes.

7:00 US MBA Mortgage Applications 1-August Prior: -14.1%

8:15 CA Official International Reserves June Prior: +C$267M

10:00 CA Ivey Purchasing Managers Index July Exp: +61.0 Prior: +69.6

10:35 US DOE U.S. Crude Oil Inventories 1-August Exp: +250K Prior: -81K

10:35 US DOE U.S. Gasoline Inventories 1-August Exp: -1750K Prior: -3525K

10:35 US DOE U.S. Distillate Inventory 1-August Exp: +2250K Prior: +2396K

10:35 US DOE U.S. Refinery Utilization 1-August Exp: +0.00% Prior: +0.3%

13:00 US Treasury to Sell $17B 10-Year Notes

By Erik Kevin Franco and edited by Nancy Girgis