London (CNN Business) 1. A big week: US markets could close out July with a bang.

The Federal Reserve is widely expected to move to cut interest rates at its meeting on Tuesday and Wednesday. That will provide still more juice for stocks, which continued to hit fresh records last week.

But investors shouldn't get tunnel vision.

Another round of trade talks between the United States and China kicks off Tuesday in Shanghai. It will be the first time that top negotiators meet in person since US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to a truce at the G20 meeting last month.

There's also the US jobs report for July, which hits Friday. Investors will scrutinize that data to see if it backs up the Fed's decision.