Greek banks are set to reopen today, allowing repayment of the ECB loan from higher ELA funding. German chancellor Merkel reiterated her opposition to any debt forgiveness for Greece, but added Germany is open to some flexibility on debt repayment schedule. Fin Min Schaeuble acknowledged there were differences of opinion with Merkel on Greece, and that he was prepared to resign if forced to go against personal convictions, though latest commentary also indicated he will remain on his post regardless. Nikkei225 was closed for holiday, with traders gearing up for more active earnings activity this week. Political risk is closely monitored after the administration pushed through the controversial defense legislation last week. Subsequently, local press saw PM Abe's approval rating fall to record low 35% from 42%. China property prices continue to rebound as policymakers' easing of the curbs are taking hold.Separately in China, researchers forecasted H2 GDP at 7%, which would assure the economy would meet the annual target of 7%. Pres Xi also remarked economic growth outlook remains promising despite downward pressure, and Fin Min Zhu was confident China can sustain 7-8% growth in next 5 years. Note that Gold was trading down heavily this morning on on speculative sellers betting on FED Hike and Dollar Slump
Nikkei Closed Hang Seng -0.27% Shanghai +0.08%
Eur$ 1.0833 JPY 124.13 GBP 1.5596 EURCHF 1.0433 RUB $57.3496 WTI $50.73
S&P +0.04% EuroStoxx -0.14% Dax -0.47% SMI -0.01%
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
- Gabriel Says Schaeuble Shouldn’t Have Suggested Greek Exit: ZDF
- 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)
- ANA SM : Acciona Hires Morgan Stanley for Real Estate Sale: Confidencial
- AIR FP : Airbus to Build New A380 Version for $3B, CEO Tells Sunday Times
- ALO FP : Alstom 1Q Sales Beat Ests.; Says GE Process ‘Moving Ahead’
- ATC NA : Altice Says Not Interested in Carlos Slim’s KPN Stake
- ATL NA : Atlantia Weighing Potential Partners for Rome Airport Manager
- BAER VX : Julius Baer 1H AUM Drop 2.3% From End 2014; Net Income CHF39.7m
- 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
- LAD LN : Ladbrokes and Gala Coral set to agree merger as soon as this week
- 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 --> Confirmed talks this morning
- POP IM : Ubi, Banco Popolare Have Discussed Possibility of Merging: Sole
- RBS LN : UK government could begin selling Royal Bank of Scotland stake as soon as early August
- RR/ LN : Rolls-Royce to Supply Trent 700s to IAFC, Gets Saudi Order
- SIK VX : Sika Chairman Says Courts -- Not Finma -- Decide on Groups: SamS
- STAN LN : Standard Chartered Reorganizes Management to Achieve Cost Cuts
- SU FP : Aveva to Buy Schneider Software; Schneider to Own 53.5% of Aveva
- 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
- TKA AV : Slim May Offer to Buy Austria’s Lottery Co.: Standard
- TLW LN : Tullow Says Jubilee Field Export to Atuabo Gas Plant Suspended
- VIB3 GY : Villeroy & Boch 1H Rev. Up 4%, Confirms 2015 Targets
- VOW3 GY : Volkswagen Brand Deliveries Rise 7.5% in West Europe Ex. Germany
- VOW3 GY : Audi Said to Give 1.2 Billion Yuan to China Dealers, Cut Target