Europe

The key economic releases this week are ISM non-manufacturing on Monday and University of Michigan consumer sentiment index on Friday. There are a few scheduled speaking engagements from Fed officials this week.

Away from the US economic calendar, initially focus will be on the Italian referendum result, which already appears to have been largely digested by the market, despite a variety of unknown consequences still to emerge. It will then shift quickly to a critical ECB meeting.

Submitted by Michael Shedlock via MishTalk.com,

Axel Weber, former head of Germany’s central bank says the ECB is going to halt QE soon and hike rates by September.

Weber warns Markets Unprepared for Central Bank Shifts.

Investors are dangerously unprepared for a sharp rise in eurozone bond yields when US interest rates march higher and European quantitative easing ends, Axel Weber, chairman of UBS and the former head of the Bundesbank, has warned.

Italy Votes No, Renzi Resigns - Potential "Systemic Crisis In Eurozone"

Italy’s Prime Minister Matteo Renzi has said he will officially resign Monday, after voters apparently rejected his proposals for constitutional reform. What should investors keep an eye out for after his defeat?

• Italy Sinks Into Political Limbo as Defeat Sweeps Renzi Away (BBG)
• Investors Shrug Off Italy Referendum Result (WSJ); Markets Rise After Italy Turns Down Referendum (BBG)
• Italy’s ‘No’ Poses Trouble for Eurozone (WSJ)
• Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters)
• Merkel regrets Renzi resignation but will work with new Italy government (Reuters)
• Rescue of Italian bank Monte Paschi in danger after Renzi's defeat (Reuters)

Blink, and you missed the "sell off" from Italy's failed referendum vote.