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

columnist for Reuters.)

By Mike Dolan

LONDON, Aug 11 (Reuters) - What matters in U.S. and

global markets today

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

Buoyant stock markets and an event-free Monday are allowing

investors to prep for the three big events of the week:

Tuesday's U.S. consumer inflation report, the China trade

deadline and Friday's U.S.-Russia summit in Alaska.

Doubts about the strength of the jobs market and revolving doors

on the Federal Reserve board have traders betting on a Fed rate

cut next month. Tuesday's consumer price report for July is one

of the few data sets that could alter that thinking as the

potential price impact of tariffs is examined.

The embattled Bureau of Labor Statistics will publish the

numbers, and the consensus forecast is for annual headline and

core CPI gains to tick up a tenth each to 2.8% and 3.0%,

respectively, both well above the Fed's 2% target and heading in

the wrong direction.

* Wall Street futures and Treasuries were both firmer ahead

of the big inflation number, with bond market volatility gauges

at their lowest in three years and last week's S&P 500

gains bringing the index back within 1% of all-time highs. The

dollar was largely flat.

* Last week's U.S. tariff day passed without causing major

market moves, but Tuesday brings a separate deadline on

U.S.-China trade as President Donald Trump decides whether to

extend the existing truce or let tariffs shoot back up to

triple-digit figures. Trump on Sunday urged China to quadruple

its soybean purchases, sending Chicago soybean prices higher,

and - in a highly unusual move - Nvidia ( NVDA ) and AMD reportedly

agreed to give the U.S. government 15% of their revenue from

sales to China of advanced AI chips such as Nvidia's ( NVDA ) H20.

Chinese stocks were a touch higher ahead of the deadline.

* Bitcoin surged 4% to a high of $122,308 on Monday, back

within sight of the July 14 record of $123,153, in what appeared

like a delayed reaction to Trump's executive order last week

enabling crypto holdings to be held in U.S. retirement accounts.

* Finally, Friday's Alaska summit will be watched closely by

European markets monitoring possible breakthroughs on ending the

Ukraine war.

For today's deep dive, I'll discuss why whatever happens at

September's Fed meeting matters less than concerns about a

potential rethink of the Fed's entire structure.

Today's Market Minute

* Nvidia ( NVDA ) and AMD have agreed to give the U.S. government 15% of

revenue from sales to China of advanced computer chips like

Nvidia's ( NVDA ) H20 that are used for artificial intelligence

applications, a U.S. official told Reuters on Sunday.

* From McDonald's and Coca-Cola to Amazon and Apple, U.S.-based

multinationals are facing calls for a boycott in India as

business executives and Prime Minister Narendra Modi's

supporters stoke anti-American sentiment to protest against U.S.

tariffs.

* Investors are backing out of or taking active bets against

high-priced corporate credit, where they anticipate a correction

in response to signs of slowing economic growth that could

eventually impact stocks.

* The crude oil market's sanguine reaction to the U.S. threats

to India over its continued purchases of Russian oil is

effectively a bet that very little will actually happen, writes

ROI columnist Clyde Russell.

* Inadvertent fumbles in the presentation of financial data have

become endemic across the media space, which can confuse readers

at a time when statistical literacy is more important than ever.

Income Securities Advisor publisher Marty Fridson explains why

having a basic grasp of statistics and finance is especially

crucial today.

Chart of the day

China's producer prices fell more than expected in July,

while consumer prices were flat, underscoring the impact of

sluggish domestic demand and persistent trade uncertainty on

consumer and business sentiment.

Deflationary pressures have prompted Chinese authorities to

address overcapacity in key industries. However, the latest

round of industrial restructuring appears to be a pared-down

version of the sweeping supply-side reforms launched a decade

ago that were pivotal in ending a deflationary spiral.

Today's events to watch

* Mexico June industry output (8:00 AM EDT)

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

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committed to integrity, independence, and freedom from bias.