The Bank of Canada will announce its monetary policy decision on Tuesday. Primarily because of sliding equities, analysts are split whether the Bank will raise interest rates for a third time. Canadian growth has been strong, but given the overreaction to Friday's decline in U.S. consumer confidence, some worry that weakening U.S. growth may also weaken Canada. The Bank of Japan will meet on Monday and Tuesday. Given the fragile state of the Japanese economy, no change is expected.

With few important indicators being released overseas, the focus will continue to be on U.S. economic performance and the onslaught of second-quarter earnings reports. Unless investors have a sea change of heart, they will go on ignoring good news and focusing perversely on the bad.

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