(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

LONDON, July 15 (Reuters) - What matters in U.S. and

global markets today

By Mike Dolan, Editor-At-Large, Finance and Markets

After a relatively quiet start to the week, markets on Tuesday

will have to navigate a torrent of new information on U.S.

inflation, bank earnings and Chinese growth, with a fresh jump

from chip giant Nvidia ( NVDA ) thrown into the mix.

I'll dig into all of this below. Make sure to check out today's

column, where I discuss how markets are reacting to the renewed

pressure President Trump is putting on Fed Chair Jerome Powell.

Today's Market Minute

* China's economy slowed less than expected in the second

quarter in a show of resilience against U.S. tariffs, though

analysts warn that weak demand at home and rising global trade

risks will ramp up pressure on Beijing to roll out more

stimulus.

* The 30% tariff on European goods threatened by U.S. President

Donald Trump would, if implemented, be a game-changer for

Europe, wiping out whole chunks of transatlantic commerce and

forcing a rethink of its export-led economic model.

* Tesla launched its Model Y at about $70,000 in India, the

highest price among major markets, as the U.S. automaker

grappling with slowing sales bets on prospects in a country

CEO Elon Musk has long criticised for its high import tariffs.

* China's imports of major commodities presented a mixed picture

in the first half, writes ROI columnist Clyde Russell, but if

there is a clear trend it is that the world's top buyer of

natural resources is increasingly sensitive to prices.

* While the United States appears well on its way to a record

corn crop, the top exporter is not completely immune to yield

barriers moving forward. Read the latest from ROI agriculture

columnist Karen Braun.

CPI, banks and Nvidia ( NVDA ), oh my!

The artificial intelligence bellwether, already up more

than 20% for the year and the first company to top a $4 trillion

valuation, rose another 4% out of hours overnight after it said

it plans to resume sales of the H2O AI chips to mainland China

just days after its CEO met U.S. President Donald Trump.

"The U.S. government has assured Nvidia ( NVDA ) that licenses will

be granted, and Nvidia ( NVDA ) hopes to start deliveries soon," said the

company, whose chief executive, Jensen Huang, is in Beijing.

The move is controversial in the geopolitical context and

the White House, which has previously expressed concern that the

Chinese military could use AI chips to develop weapons, did not

respond to a request for comment.

After Wall Street stock indexes ended in positive territory

on Monday, stock futures were higher again first thing today.

Earlier, Chinese stocks eked out modest gains after economic

updates showed GDP growth there slowed down by less than

expected in the second quarter despite the global tariff turmoil

- registering a 5.2% year-on-year expansion of the economy.

June numbers were more of a mixed bag, with an acceleration

of Chinese industrial production offset by a miss in retail

sales growth and another monthly decline in house prices.

The yuan was largely unmoved by the sweep of data.

Part of the stasis is due to the day's big releases

stateside.

The June update on U.S. consumer prices is clearly critical to

Federal Reserve thinking on whether tariff rises are aggravating

the inflation picture enough to keep interest rates on hold -

despite an almost daily insistence by Trump that rates should be

cut by more than 3 percentage points.

Trump once again on Monday said Fed rates - now held in a

4.25-4.50% range - should be 1% or less. Adding a new line of

pressure on the central bank, White House officials stepped up

pressure on Chair Jerome Powell over what they claim were

serious cost overruns in the bank's renovation of its

headquarters.

The CPI release is expected to show the core annual

inflation rate picking up pace last month to 3.0% - well above

the Fed's 2% target.

Edgy U.S. Treasury yields slipped back a touch ahead of the

report, with 30-year bond yields retreating from the 5% mark.

The dollar index also slipped back slightly.

Japanese debt concerns alarmed in the background, however.

The 30-year JGB yield jumped to a record 3.20%,

while 20-year yields soared to their highest since November 1999

at 2.65% and 10-year yields scaled the highest since October

2008. Investors in Japanese bonds are bracing for a potential

power shift in upper house elections this weekend that could

strain the country's already frail finances.

Before we see the U.S. inflation update today, the U.S.

second-quarter earnings season kicks into gear with the big U.S.

banks reporting - likely flattered by the burst of financial

market trading revenues during the turbulent three months

despite still subdued investment banking activity.

Elsewhere, crude oil prices fell back further after Trump's

lengthy 50-day deadline for Russia to end the Ukraine war and

avoid sanctions eased immediate supply concerns. Oil prices had

climbed in anticipation of sanctions both on Russia and

countries buying oil from Moscow, but gave up gains as traders

doubted the U.S. would actually impose steep tariffs on third

countries.

European stocks pushed higher, meantime, even after the

weekend's 30% U.S. tariff threat on imports from the region.

Aircraft, machinery, cars, chemicals and medical devices are the

leading big-ticket items on the latest list of U.S. goods the

European Commission has proposed to impose tariffs on if talks

with Washington do not yield an agreement on trade.

But European ministers meeting in Brussels on Monday remained

convinced they can bring Trump back from the brink before his

Aug. 1 deadline and reach a deal that would keep the $1.7

trillion two-way trading relationship broadly intact.

And German investor morale rose more than expected this

month, the ZEW institute said, reporting an increase in its

sentiment index to 52.7 points from 47.5 points in June.

In Britain, set piece speeches from finance minister Rachel

Reeves and Bank of England boss Andrew Bailey are awaited later.

Reeves announced a push on Tuesday to get more savers to

invest in company shares as part of a wide-ranging set of

initiatives to boost Britain's financial services sector.

Britain's blue chip FTSE 100 briefly topped 9,000 points

for the first time earlier and the pound steadied.

Bitcoin recoiled back below $120,000 on Tuesday after a

roaring start to the week saw it hit a new record of $123,153

the day earlier.

Chart of the day

Major U.S. banks are expected to report stronger profits

later on Tuesday, driven by buoyant trading and a modest rebound

in hobbled investment banking activity. JPMorgan Chase ( JPM ),

Citigroup ( C/PN ) and Wells Fargo ( WFC ) kick off second-quarter

earnings on Tuesday with a focus on their outlooks at a time

when economic uncertainty over U.S. tariff policies remains

high. While there has been some stirring in investment banking

in the second quarter, global banks, including top U.S. lenders,

are expected to report a 10% gain in markets revenue due to the

volatility around shifting U.S. tariff policies. Citigroup's ( C/PN )

stock leads the pack after a rollercoaster start to 2025.

Today's events to watch

* U.S. June consumer price report (8:30 AM EDT); Canada June

consumer prices (8:30 AM EDT)

* U.S. corporate earnings: BlackRock, JPMorgan ( JPM ), Citigroup ( C/PN ),

Bank of New York Mellon, Wells Fargo ( WFC ), State Street, Omnicom,

JBHunt

* Federal Reserve Vice Chair for Supervision Michelle

Bowman, Fed Board Governor Michael Barr, Dallas Fed President

Lorie Logan, Boston Fed President Susan Collins and Richmond

President Thomas Barkin all speak

* Bank of England Governor Andrew Bailey and finance

minister Rachel Reeves address City of London at annual Mansion

House dinner

Opinions expressed are those of the author. They do not reflect

the views of Reuters News, which, under the Trust Principles, is

committed to integrity, independence, and freedom from bias.

(by Mike Dolan; editing by Hugh Lawson.)