Consumer confidence for July and the S&P/Case-Shiller's home price index for May will be the main focus of Tuesday's economic events with no major macroeconomic releases expected for Canada. Across the Atlantic, market participants will also be looking out for preliminary results of German CPI for July.

At 7:45 a.m. EDT, ICSC will release U.S. chain store sales for the week ending July 26. In the previous week, sales were up 2.5% year-over-year.

At 8:30 a.m. EDT, Statistics Canada will release payroll employment, earnings and hours for May. In April, average weekly payroll earnings advanced by 0.3% month-over-month and 3.2% on the year.

At 8:55 a.m. EDT, Redbook will release U.S. retail sales for the week ending July 26. In the previous week, sales were up 2.6% year-over-year.

At 9 a.m. EDT, S&P/Case-Shiller will release its U.S. home price index for May. The consensus is expecting the 20-year composite index to decline 16.0% year-over-year compared to April's 15.3% pullback, when the index declined to 169.9.

At 10 a.m. EDT, the U.S. Conference Board will release the consumer confidence index for July, which is expected to decline to a score of 50.1 compared to June's reading of 50.4.

Also at 10 a.m., the Fed will release results from its $75 billion TAF auction.

At 12:30 p.m. EDT, U.S. Undersecretary for International Affairs David H. McCormick will deliver remarks on oil markets at the Peter G. Peterson Institute for International Economics.

At 1 p.m. EDT, the U.S. Department of Treasury will sell $19 billion in 52-week bills and $28 billion in four-week Treasury bills.

At 5 p.m. EDT, markets will receive ABC's consumer comfort index for the week ending July 27. In the previous week, the index stood at -41.

At some point on Tuesday, markets will receive preliminary estimates of German CPI for July. Headline inflation is expected to post a 0.5% month-over-month increase following a 0.3% rise posted in June, and an annual 3.2% increase, below the previous 3.3% rise. HICP is expected to advance by 0.5% month-over-month compared to June's 0.4% increase, while annual HICP is expected to move higher by 3.4%, matching the previous month's level.

7:45 US ICSC Chain Store Sales W/E July 26 (Y/Y) Prior: +2.5%

8:55 US Redbook Retail Sales W/E July 26 (Y/Y) Prior: +2.6%

9:00 US S&P/CaseShiller Home Price Index May Prior: 169.9

9:00 US S&P/CS Composite-20 Y/Y May Exp: -16.0% Prior: -15.3%

10:00 US Consumer Confidence July Exp: 50.1 Prior: 50.4

12:30 US Treasury's McCormick Speaks At Peterson Institute

13:00 US Treasury to Sell $19B 52-Week Bills

13:00 US Treasury to Sell $28B in 4-Week Bills

17:00 US ABC Consumer Confidence W/E July 27 Prior: -41

DE CPI - EU Harmonised (M/M) July Preliminary Exp: +0.5% Prior: + 0.4%

DE CPI - EU Harmonised (Y/Y) July Preliminary Exp: +3.4% Prior: +3.4%

DE CPI (M/M) July Preliminary Exp: +0.5% Prior: + 0.4%

DE CPI (Y/Y) July Preliminary Exp: +3.2% Prior: +3.3%

By Erik Kevin Franco and edited by Nancy Girgis