Philly Fed business outlook:

  • Prior was -5.9 (revised to -10.2)
  • New orders -1.4 vs -11.1 prior
  • 6-month capex +9.4 vs +10.7
  • Employment -1.9 vs +2.2 prior
  • Prices paid -1.1 vs -8.3 prior

Decent report but the ECB is the main event.