TheChek News Flow

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S&P Closed higher on Friday, with positive development on Greek talks, S&P manage to close above its 200d MA. Equities surged out of the gate after reports from last evening indicated that Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. Interestingly, the proposal was very similar to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. According to reports from Athens, the Greek parliament ratified the offer during the night after the close. All ten sectors posted gains with eight groups adding more than 1.0%. Most notably, the top-weighted technology sector (+1.6%) held the lead throughout the session while the second-largest group by market cap—financials (+1.2%)—followed not far behind. For the week, four sectors registered gains with countercyclical consumer staples (+1.1%) and utilities (+0.5%) logging respective weekly gains of 2.0% and 1.7%. On the flip side, growth-sensitive energy (+0.6%) and materials (+1.5%) both lost near 1.5% for the week. Volume were i n line with average with 720mil shares. China is on track for a 3rd straight strong session of gains. Shanghai Composite is leading the regional rally, helped by better than expected trade figures. Also the surplus missed consensus exports growth of 2.8% was the first rise in 4 months and above 1% expected, while imports decline was less than the anticipated figure. Shipments to the US were once again strong, building on last months increase. After the release, China customs said exports will still face large pressure over the next 2-3 months, noting weak external demand, rising labour costs and Yuan appreciation as key factors for soft H1 trade conditions. Shanghai rally is also impressive considering that some 200 A-share listed companies lifted their trading halts put in place against last week's volatility. Separate press report also noted plans for a CNY200B govt loan program to support infrastructure projects. Lastly, regulators continue their oversight of alleged market manipuation, ordering brokers and securities firms to tighten up their monitoring of account-opening process and loopholes.

Nikkei +1.72% Hang Seng +0.70% Shanghai +3.65%

Eur$ 1.1145 JPY 122.63 GBP 1.5510 EURCHF 1.0483 RUB $56.61 WTI $51.82 (-1.74%)

S&P -0.14% EuroStoxx Dax SMI

Macro :

- Greece Is Being Waterboarded at EU Summit, Syriza’s Filis Says

- China’s June Exports Rise 2.1% Y/y in Yuan; Est. 1.2% Rise

- Swiss Oppose SNB Reintroduction of CHF Cap, SZ Survey Finds

- WTI Crude May Fall Below $50 on China, Greece, Iran Risks: BofA

- Greece, Europe in ’Amicable Split’ Not Worst Outcome: Kazimir (Slovak Finance Minister)

- Greece Bailout to Be 74b Euros Based on Creditors’ Eval: AFP

- Germany won’t spare Greek pain – it has an interest in breaking us (The Guardian) http://bit.ly/1JVM7vZ

- France Should Ease Taxes on Capital Gains, Paris Europlace Says

- Schaeuble Suggests 5-Yr Grexit, Humanitarian Support, FAS Says

- Renzi to Press Germany to Reach Deal With Greece: Messaggero

- Progress Made, Finland Fin. Min. Stubb Says After Eurogroup

Keep an eye on :

- A2A IM : A2A and Linea appoint advisors for merger - Il sole 24 Ore

- AF FP : France Needs Strong Air France to Lift Tourist Economy: Club Med

- AAPL US : Google, Apple Unlikely to Go Into Auto Industry, Fiat CEO Says

- BARC LN : Barclays Considers Acquisition to Help Split Off Retail Arm: FT

- BBVA SM : Santander and BBVA to issue €20B for crisis buffer - Spanish Press

- GBF GY : Bilfinger mandates Deutsche Bank to handle sale of Power business

- BPTY LN : 888 to Meet With Bwin.party to Thwart GVC Bid, S. Times Reports

- DL NA : David Einhorn Holds 5% Stake in Delta Lloyd: AFM Filing

- FCA IM : Ferrari IPO Filing Due in Days, Fiat CEO Marchionne Says, May Consider Secondary Listing in Milan for Ferrari

- GL FP : Galeries Lafayette to Close Lille Store by Early 2016: Echos

- IAG LN : EU ‘Closely Assessing’ IAG-Aer Lingus Deal, Vestager Says

- LUNDB SS : Lundbeck Says FDA Approves Rexulti to Aid Depression Treatment

- LHA GY : Lufthansa Isn’t Paralyzed Company, Garnadt Tells Handelsblatt

- MUV2 GY : Munich Re to Shut Russia Office, Limit Ops in Country: Vedomosti

- NOVOB DC : Novo Nordisk Says Diabetes Treatment Met Primary Objective

- UG FP : Peugeot Citroen 1H Global Unit Sales Rose 0.4% to 1.55m Vehicles

- POST IM : Poste Italiane May Limit Investor Stakes to 5% Before IPO: Sole

- RFI AV : Raiffeisen CEO Says Franc to Stay Strong, SNB Needs Reform: SamS

- RBS LN : RBS Said Seeking to Sell Greek Shipping, Loans Ops: Reuters http://reut.rs/1eNWILC

- REP SM : Repsol’s Algarve Exploration Project Is Delayed, Expresso Says

- ROG VX : Genentech Says Atezolizumab Shrank Tumors in Phase 2 Study

- SRG IM : Snam CEO Sees 20% Investment in TAP Valued at EU400m: Corriere

- SYNN VX : Monsanto’s Goal of Syngenta Deal Isn’t to Fix Weakness: BZ

- TEF SM : Telefonica, LaLiga Reach EU600M Accord on 2015/16 Soccer Rights

- TESB BB : Picanol Unit Buys Additional EU0.43m of Tessenderlo Chemie Stock

- TIT IM : Tel. Italia Close to Content Deal With Mediaset: Repubblica

- DG FP : Vinci Buying 20% in Constructora Conconcreto

- VPK NA : Vopak Received Non-Binding Offer for U.K. Terminals

- YOOX IM : Yoox merger with Net-A-Porter to be scrutinised by UK regulator http://bit.ly/1O3Mtix