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Good morning. Anticipation for the inflation report, limits on China investments and Disney cutting content spending. Here’s what’s moving m [View in browser]( [Bloomberg]( Good morning. Anticipation for the inflation report, limits on China investments and Disney cutting content spending. Here’s what’s moving markets. CPI day All eyes will be trained on [today’s consumer prices report](, which is set to show a second consecutive reading on core inflation in line with the Federal Reserve’s target. Bloomberg Economics expects CPI, excluding food and energy, to rise by 0.2% for the month, similar to June. “July’s CPI report will show a wave of disinflation hitting the US economy,’’ the team, led by Anna Wong, said. China limits President Joe Biden has [imposed limits on US investments in China]( as part of a broader push to restrict the ability of the country to develop next-generation military and surveillance technology. It follows nearly two years of deliberations pitting hawks arguing for faster and tougher action against those advocating a more cautious approach. Details still need to be worked out, but the initial indication is that the more cautious approach won out. Disney spending Shares in Walt Disney Co. are rising in premarket trading as the group said losses for its Disney+ streaming service narrowed [and it pointed to lower spending](. It now expects to spend about $27 billion on content in the coming year, compared with a typical $30 billion, in part owing to production cuts related to actor and writer strikes in Hollywood. CEO Bob Iger also said the company intends to crack down on password-sharing, akin to rival Netflix. Futures rise S&P 500 and Nasdaq 100 futures are both pointing higher, suggesting markets will rally after the decline on Wednesday. The dollar is slightly weaker against most other G10 currencies, while Treasuries are mixed. Oil slipped while metals prices are nudging higher. Coming Up… The CPI release will be top of the agenda, along with jobless claims, and there will be comments from Atlanta Fed President Raphael Bostic. A quieter earnings slate will include News Corp. and Ralph Lauren. How many vacation days do you take? Do you leave your desk for more than a week at a time? Do you check your work email while on vacation? Share your thoughts about the paid time off in the [latest MLIV Pulse survey.]( What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - Ecuador [state of emergency]( after a presidential candidate’s assassination. - Business travel prices seen hitting a [higher new normal](. - New York apartment hunters may have [reached their limits]( with rising rents. - [Sponsorship hole]( in the Women’s World Cup. - [Wegovy demand]( is hard to keep up with. - A spat [between FTX administrators]( and its creditor panel. - Black directors [lose ground]( in boardrooms. And finally, here's what Joe’s interested in this morning Hello and Happy CPI Day. The expected story today is that the Core CPI will come in cool or benign on a sequential basis, but that at least on a year-over-year basis, headline CPI will tick higher. Or to put it another way, there are ongoing signs of cooling or disinflation (used cars, rent, etc.) but the big drop in energy prices has come to an end. And as of right now, WTI futures are at their highest level since Nov. 16 2022. Other related energy measures (gasoline, diesel) have also moved a lot higher since the summer, helping to break the disinflationary progress that we've being seeing. As for the Fed, it's been focused on core measures of inflation, or even specific slices of core such as things like "services inflation, excluding shelter". But if energy costs were to keep rising, there's no reason it couldn't turn its attention back to headline. As Powell has said in the past, headline inflation has a role in shaping people's inflation expectations, which in turn has a role in determining actually realized inflation. So at some point, all else being equal, heat driven by rising energy prices could become a source of angst at the Fed. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. 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