by Calculated Risk on 7/31/2011 10:39:00 PM

Although the debt ceiling deal has been announced, we still need to see the details to evaluate the drag on the economy. And the bill still needs to pass the House and Senate.

Hopefully the focus can be back on the economy (instead of D.C.) Unfortunately the economic data for July will be weak. The economy is still sluggish, and the "debate" itself was negatively impacting the economy over the last few weeks as some people feared the U.S. government would not pay its bills. Although that fear was unfounded, it is pretty clear there will be no additional stimulus, no further help for the unemployed, and no extension of the payroll tax cut.

Here is the economic schedule for coming week. The key report for this week will be the July employment report to be released on Friday, August 5th.

The Asian markets are green tonight with the Nikkei up almost 2%.

From CNBC: Pre-Market Data and Bloomberg futures: the S&P 500 is up about 15 points, and Dow futures are up about 175 points.

Oil: WTI futures are up to $97.41 and Brent is up to $118.23.

Yesterday:
• Summary for Week ending July 29th