Dow +1.84% S&P+2.41% Nasdaq+4.25% Russell EuroStoxx+4.01% FTSE+1.52% CAC+4.51% Dax+3.16% Ibex+4.03% MIB+3.61% SMI +3.42% Nikkei+4.40% Hang Seng +2.06% Shanghai +2.05%
After a couple of weeks of uncertainty and crisis, global equity markets got what they needed to resume an uptrend. Chinese authorities delivered a pristine, +7.0% annualized second quarter GDP beat and several more rounds of liquidity for troubled equity markets, while the Shanghai Composite appeared to calm down. Iran and the US brokered an historic deal to put Tehran's nuclear program on ice in exchange for sanctions relief. Just a week after the Greek referendum rejected Europe's terms for a new bailout, the leaders of Greece accepted even harsher terms. The irony has been lost on nobody and political forces on all sides are struggling over terms, however markets clearly like the idea of leaving behind Greek headline roulette. The dollar soared, with EUR/USD headed for four-month lows around 1.0800, and USD/JPY back at 1.2400. Fed officials reiterated they were at the very cusp of rate hikes, followed close behind by the BoE, as Governor Carney said the decision on rate tightening would come into focus near year end. WTI crude is back near $50 and gold is at five-year lows below $1,150. Treasury curves flattened as buyers congregated at the long end for both US Treasury and German Bund markets. The US benchmark 10-year yield declined some 5 basis points on the week. For the week, the DJIA added 1.8%, the S&P gained 2.4%, and the Nasdaq surged 4.3%.
Macro :
- Greek Banks to Reopen on Monday, Government Decree Says : full text attached
- Greek Bourse Will Not Resume Trading Monday: Spokeswoman
- Varoufakis Tells BBC That Greece’s Economic Reforms Will Fail
- Germany to Spend EU2.7B on New Roads and Bridges Plan, Bild Says
- Germany’s Tauber Says Greek Exit Off Table For Now: Tagesspiegel
Keep an eye on :
- Pharma Sector : China May Stop Reimbursement for OTC Drugs: Medicine Eco. (Wed)
- AIR FP : Airbus to Build New A380 Version for $3B, CEO Tells Sunday Times
- ATC NA : Altice Says Not Interested in Carlos Slim’s KPN Stake
- ATL NA : Atlantia Weighing Potential Partners for Rome Airport Manager
- BA/ LN : BAE Starting Search for CEO King’s Successor, Sky Says Link : http://bit.ly/1MhzU5d
- BG/ LN : Shell Seen Assuming BG Acquisition Viable at $70/bbl Oil: FT Link : http://on.ft.com/1SvK80F
- BT/A LN : BT Chief Warns Against Forced Sale of Network Unit: Telegraph Link : http://bit.ly/1CJwOnM
- FCA IM : Fiat Chrysler Considers Sale of Magneti Marelli Unit: Reuters Link : http://reut.rs/1MAgPbF
- GSZ FP : GDF Suez, Kansai Electric Join in LNG Sales, Nikkei Says
- GIVN VX : Givaudan CEO Andrier Says Rev Growth Not on Usual Level: FuW
- SDF GY : K+S bidder Potash might consider hostile takeover - Der Tagesspiegel
- LHA GY : Germanwings Families Want EU200,000 Per Victim, Bild Says
- OCI NA : CF Industries Said to Be in Talks for Merger With OCI, DJ Says
- POP IM : Ubi, Banco Popolare Have Discussed Possibility of Merging: Sole
- SIK VX : Sika Chairman Says Courts -- Not Finma -- Decide on Groups: SamS
- STAN LN : Standard Chartered Reorganizes Management to Achieve Cost Cuts
- SYNN VX : Syngenta Holders Ask Board to Consult Them on Monsanto: FuW Link : http://bit.ly/1MAhiKG
- SYNN VX : Syngenta Said to Plan Meetings With Investors: WSJ Link : http://on.wsj.com/1I37ftx
- SYNN VX : Monsanto’s Grant Says Investors Impatient for Syngenta Talks
- TKA AV : Telekom Austria Has No Plans for Rights Issue: America Movil
- VOW3 GY : Volkswagen Brand Deliveries Rise 7.5% in West Europe Ex. Germany
Syngenta Said to Plan Meetings With Investors: WSJ