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Friday, June 12

12th Jun - "Greece has 24 hours"

Previously on MoreLiver’s:

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Great Graphic: Euro Real Broad Effective Exchange Rate and MerkelMarc Chandler

Merkel Defends ECB From German Criticism After Deflation ScareBB

Euro zone formally discusses Greek default for first time – Reuters
How Europe Formally Discussing A Greek Default Shook Markets – ZH
Merkel urges Greece and creditors to keep pushing for deal – Reuters
Greece’s IMF Setback: Has Anything Really Changed? – WSJ
EU looks at Plan B for GreecePolitico

Greek Stocks, Bank Bonds Battered As Deal Hope Fades – ZH
Greece Refuses To Blink; EU Says Noncompliance "Not An Option" – ZH
Grexit Contagion - European Peripheral Bond Risk Is Soaring – ZH
Europe Gives Greece 24 Hours To Comply; Germany Draws Up Capital Control Plans – ZH
Athens defies creditors’ warning on aid – FT

Salvation to Catastrophe: What Might Happen to GreeceBB
EU Prepares for Worst as Greece Goes to Brink – BB
Keeping Greece in the Euro May Not Be About Euros – BB
Greece Counts Cost of One Man’s Gamble – BB


FOMC preview: Fed to signal rate hike later this yearNordea
The Fed is unlikely to make any policy changes at next week’s FOMC meeting. However, we expect the central bank to affirm its signal that it will be appropriate to lift rates at some point this year. The main focus will be on the FOMC’s revised fed funds rate projections. We continue to expect lift-off in Fed rates at the 16-17 September FOMC meeting.

Producer Prices Jump MoM Most Since Sept 2012 Driven By Higher Energy Costs – ZH
U.S. producer prices post largest gain since 2012 – Reuters
US consumer confidence rebounds in June – TF
Preliminary June Consumer Sentiment increases to 94.6 – Bill McBride
U.S. consumer sentiment climbs in June – Reuters

Daily Central BanksWSJ
Hilsenrath’s Take: Reassuring Consumer Data Keep Fed On Track for Rate Increases * WSJ Survey: Fed Won’t Raise Rates Before September * Fed Meetings May Be Live, But Here’s Why They’re Unlikely to Surprise * Draghi: ECB Didn’t Give Privileged Information to Fund Managers * BOE’s McCafferty Says Downside Risks to Inflation Diminishing

Daily MacroWSJ
Greece once again takes the headlines amid reports that the International Monetary Fund has had enough of bailout talks that draw no closer to resolution. The Greek government still has a bit of time to strike some sort of bargain with its creditors and is likely to use all of it to squeeze out the best possible deal. So with its IMF payments not due until the end of the month, there’s every chance the current drama will see another twist or two over the coming week or so.

Morning MoneyBeat AsiaWSJ
U.S. Stocks Rise on Sales Improvement

Morning MoneyBeat EuropeWSJ
Stocks to Struggle as IMF Leaves the Building

Morning MoneyBeat USWSJ
Lack of Optimism Suggests Stocks Could Rise

Danske DailyDanske Bank

Euro rates update Nordea

EUR/USD dips * Happy US consumers * Swedish rate cut off the table on strong inflation print

Morning MarketsTF
We've been here so many times, but are we really now approaching the endgame on Greece? Certainly, the niceties of the diplomatic circuit were conspicuous by their absence as the IMF left the negotiations and Greece got a stern dressing down.

Daily FX CommentMarc Chandler
Dollar Remains Bid

Daily ShotTF
The IMF has walked out of its negotiations with Greece, and many are saying the Eurogroup should do the same. The move saw German bund yields fell sharply as hope for a solution dims.

Daily Press SummaryOpen Europe
IMF recalls officials as hope for deal with Greece fade * David Cameron continues EU reform talks ahead of June EU summit * ECB denies suggestions it failed to provide privileged information to entire market * La Stampa: European Commission considers dropping binding refugee quotas * Dijsselbloem likely to stay on as Eurogroup head * Podemos-backed candidate will become new Mayor of Madrid * EU launches antitrust probe against Amazon

Brussels PlaybookPolitico

Markets Twist And Turn On Every Headline In The Endless Greek Tragedy


FX UpdateTF
FX traders are nervously eyeing what may prove a huge week for FX as we have three important central bank meetings (Fed, SNB and Norges Bank) as well as a potentially pivotal Eurogroup meeting for the “Greece issue” next Thursday.

From the FloorTF
Bonds have rebounded after yesterday's dramatic withdrawal by the IMF from the Greek debt talks.

Mahdollisimman moni suu makiaksi | Koroissa korjausliike alaspäin | USA:n vähittäismyyntiluvut vahvat

Tällaiset olisivat Kreikan euroeron vaikutuksetVerkkouutiset

Saksan ja Ranskan demarit haastavat SSS-hallituksenAntti Ronkainen

Jari Korkki: Yhden Ässän kyselytuntiYLE