Dow-0,78% S&P-0,70% Nasdaq-0,62% Russell-0.31%
US Market Closed lower, Friday session started amid selling pressure in Europe and the U.S. as it became clear that another week will go by without a deal between Greece and its creditors. Friday session started amid selling pressure in Europe and the U.S. as it became clear that another week will go by without a deal between Greece and its creditors. Volume in the US were below average @ 645mil shares. All ten sectors registered losses with energy (-1.2%) and health care (-1.1%) spending the day behind the remaining eight groups. The energy sector retreated alongside crude oil, which fell 1.3% to $59.93/bbl. For its part, the sector lost 0.9% for the week, while only two other groups registered weekly losses with technology and utilities surrendering 0.7% and 0.5%, respectively. financial sector (-0.4%) ended ahead of most other groups, locking in a 1.0% gain for the week with investors angling to take advantage of rising rates. Today, the Empire Manufacturing Index for June (consensus 6.0) will be released at 8:30 ET while May Industrial Production (consensus 0.3%) and Capacity Utilization (consensus 78.3%) will both be reported at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the NAHB Housing Market Index for June (expected 56)....China's Shanghai Comp and Hong Kong's Hang Seng are leading the slide in Asia despite the regulators' best attempts to cushion the slowdown. Ministry of Housing announced it would strengthen distribution of individual housing loans and to support housing consumption in H2. A local press report also noted the govt could announce a restructuring plan for iron and steel sector sometime soon to help ease overcapacity by merging 5 central SOEs into 2-3 companies. USD made notable gains against EUR on Greek concerns, as EUR/USD fell as much as 60pips to briefly test the downside of $1.12...More Greek turmoil and yet another failure between Athens and creditors to reach an agreement has translated into a decisively bearish start to the week. Despite hopeful comments from Greek govt officials on Saturday, talks in Brussels on Sunday reportedly lasted just 45 minutes before unravelling. Greek negotiators said they will not accept demands for cuts to pensions and wages or a rise in value-added tax on electricity, calling creditors' demands "irrational". Report out of European Commission meanwhile estimated that the overhaul plans presented by the Greek government still remain as much as €2B annually short of what has been demanded by its creditors. IMF representatives, who reportedly drive a harder stance in Greek negotiations, heeded the calculations by chief economist Blanchard who said the current economic and political developments make the target of a primary surplus in Greece an unattainable goal. Already skeptical of Greece commitment to reform, Germany's vice chancellor Gabriel summed up the Greek conflict with: "not just time is running out but also, everywhere in Europe, patience".
Nikkei-0.33% Hang Seng-1.37% Shanghai -1.06%
Eur$ 1.1194 JPY 123.54 GBP1.5530 CHFEUR0.9577 RUB $55.27 WTI $59.70 (-0.45%)
S&P -0.37% EuroStoxx Dax SMI
Macro :
- Varoufakis Calls for Greek Debt Cut in Interview With Bild
- EU Says Greece Talks End With No Deal, ‘Significant Gaps’: AFP
- Gross Suggests China Short; Cohen Likes GM: Barron’s Roundtable
- S&P warns of UK downgrade amid ‘Brexit’ fears - FT http://on.ft.com/1JMieOi
- Eurozone Raises Specter of Default as Pressure Mounts in Greek Bailout Tal - WSJ http://on.wsj.com/1cSIZC2
- Tsipras seeks debt relief as Greeks take offer to Brussels - Reuters http://reut.rs/1L5HkVC
- London Fund Managers May Leave If Britain Exits EU: Times http://thetim.es/1HFpYjl
- Greece Can't Stay in Eurozone at All Costs, Says BDI President http://bit.ly/1TkZ7xu
- Former Greek Rep to IMF Panaritis Says Country ‘Close to a Deal’
- U.K. Watchdog Won’t Propose Break Up of Big Six Energy Cos: Mail
Keep an eye on :
- AC FP : AccorHotels Appoints Alstom’s Morin as Chief Financial Officer
- AFR LN : Afren: Thomas Named COO, Comyn to Resign as Finance Director
- AIR FP : Boeing Said Near Deal to Sell 100 737 Max to AerCap: Reuters
- AIR FP : Airbus Seeks Multi-Million-Pound British Taxpayer Loan: Times
- AIR FP : Airbus, Safran to Pay Max EU130M for Arianespace Stake: Tribune
- AIR FP : Saudi Arabia to Order 15 A330 Regional Airbus Planes: Tribune
- AIR FP : Airbus Sees Significant No. of Civil Orders at Bourget: Echos
- AVV LN : Aveva Working With Lazard to Evaluate Takeover Options: Times
- AV/ LN : Aviva Starts Sale of GBP2.5 Billion of Property Loans: Times
- AZN LN : AstraZeneca Reports Phase III Results for Gout Drug Lesinurad
- CS FP : AXA CEO Sees Risks in Both Asia and Europe, FuW Reports
- BMW GY : BMW Made 2.2 Million Cars Susceptible to Hacking, Spiegel Says
- BP/ LN : BP Deal for Stake in Taas-Yuriakh Oilfield May Come This Wk: FT
- ACA FP : Credit Agricole Won’t Exit Switzerland, Hocher Tells Le Temps
- DAI GY : Daimler Produced 40,000 Vans That Need New Airbags: NHTSA
- AM FP : Dassault CEO ’Convinced’ 4th Rafale Contract Coming This Yr: FT
- DFT GY : Deutsche Forfait: Up to 6.8m Shrs to Be Issued, Price EU1.30
- DTE GY : German Mobile Spectrum Auction Reaches EU3.7b After 134th Round
- DTE GY : Deutsche Telekom doesn't intedn to sell T-Systems : Handelsblatt
- FGR FP : Eiffage Employee Group Dissolves, Distributes Shrs to Holders
- RF FP : Eurazeo Seeks Initial Value of EU854.5m in Europcar IPO
- ERICB SS : Ericsson CEO does not rule out M&A - Helsingin Sanomat
- FCA IM : Fiat Chrysler Unions Urge Meeting With Co. on M&A Plan
- FM CN / FQM LN : First Quantum Minerals a takeover candidate - Ottawa Citizen
- GKP LN : Ex-U.K. Defense Chief Guthrie to Quit Gulf Keystone Board: Sky
- HEN3 GY : Henkel Doesn’t Need Deals to Meet Growth Goals, CEO Tells Welt
- LHA GY : Lufthansa to Monetize Passenger Data to Boost Valuation: FAS
- MEO GY : Metro Said to Prefer Kaufhof Sale to Hudson’s Bay: Der Spiegel (sun)
- MEO GY : Hudson’s Bay Agrees to Buy Metro’s Galeria Kaufhof for EU2.825b
- NKE US : U.S. Probes Nike Payments Under Brazil Deal - WSJ http://on.wsj.com/1IRxusW
- NOVN VX : Novartis Blood-Cancer Drug Achieves Disease Control in Majority
- 1913 HK : Prada Falls to 3-Year Low After 1Q Earnings Missed Estimates
- REE SM : Red Electrica to Name Lasala CEO; Folgado to Remain Chairman
- SAF FP : Airbus, Safran to Pay Max EU130M for Arianespace Stake: Tribune
- STAN LN : StanChart May Cut Dividend to Bolster Capital, Jefferies Says
- SIK VX : Sika’s Haelg Calls Zug Court Ruling ‘Milestone:’ SonntagsZeitung
- SoundClound IPO : SoundCloud Owner German Startups Group Preparing IPO: FAS
- STL NO : Statoil to Start More Cost Cutting Measures in Autumn: Aftenblad
- HO FP : Thales to Produce Headset Seeking to Improve Pilot Safety: WSJ
- UBER IPO : Uber Hires Former French Government Advisor, AFP Reports
- UBSN VX : UBS to Invest Hundreds of Millions More in Restructuring: SZ
- UBSN VX : UBS Reports Successful Implementation of UBS Switzerland AG
- VOW3 GY : Volkswagen Group January-May Sales Reach 4.2 Million Units
- VOW3 GY : Volkswagen to Bundle VW, Skoda, Seat Into Group: Handelsblatt