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EUROPE
Great
Graphic: Euro Real Broad Effective Exchange Rate and Merkel – Marc
Chandler
Merkel
Defends ECB From German Criticism After Deflation Scare – BB
GREECE
Euro zone
formally discusses Greek default for first time – Reuters
Greece’s IMF Setback: Has Anything Really
Changed? – WSJ
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
Athens defies creditors’ warning on aid – FT
Greece
Counts Cost of One Man’s Gamble – BB
UNITED STATES
FOMC
preview: Fed to signal rate hike later this year – Nordea
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.
DATA
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
REGULARS
Daily
Central Banks – WSJ
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
Macro – WSJ
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 Asia – WSJ
U.S. Stocks Rise on Sales Improvement
Morning
MoneyBeat Europe – WSJ
Stocks to
Struggle as IMF Leaves the Building
Lack of
Optimism Suggests Stocks Could Rise
Danske
Daily – Danske
Bank
Euro
rates update – Nordea
Eye-Opener – Nordea
EUR/USD
dips * Happy US consumers * Swedish rate cut off
the table on strong inflation print
Morning
Markets – TF
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
Comment – Marc
Chandler
Dollar
Remains Bid
Daily
Shot – TF
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 Summary – Open
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
US Open – ZH
Markets
Twist And Turn On Every Headline In The Endless Greek Tragedy
Frontrunning – ZH
FX
Update – TF
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
Floor – TF
Bonds have
rebounded after yesterday's dramatic withdrawal by the IMF from the Greek debt
talks.
FINNISH
Aamukatsaus – Nordea
Mahdollisimman moni suu makiaksi | Koroissa korjausliike
alaspäin | USA:n vähittäismyyntiluvut vahvat
Tällaiset olisivat Kreikan euroeron vaikutukset – Verkkouutiset
Saksan ja Ranskan demarit haastavat SSS-hallituksen –
Antti
Ronkainen
Jari Korkki: Yhden Ässän kyselytunti – YLE