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EUROPE
Presiding
over Germany’s unification in the nineteenth century, Otto
von Bismarck demonstrated how to use crises to force his preferred outcome – a
practice that the leaders of Europe’s creditor countries seem to be emulating
today. The difference is that Bismarck’s preferred outcome actually
enhanced European stability.
Aditya
Chakrabortty: The single currency has driven down wages across the continent
and hit workers in its leading economy the hardest
What
does the Five Presidents’ report mean for the future of the euro? – Europp
GREECE
Grexit?
Buy, Buy, Buy – WSJ
Europe’s Greece-Proof Economy – WSJ
Greek News
Could Open Floodgates for Bonds — SocGen – WSJ
Greece: Better Than Expected, But Still
Not Good News – PIIE
Tsipras
Faces Party Revolt In Bid To Push Debt Deal Through Parliament – ZH
David
Marsh: Whatever happens to Greece, it will end in contagion – MarketWatch
Last Greek
thoughts – John Cochrane
Juhani
Huopainen: Worst-case scenario is tolerable, so be bullish – TF
Probability
of a Grexit Contagion – Econmatters
REGULARS
Hilsenrath’s Take: The Fed Could Misfire Again on Its
Unemployment Projections * Yellen Seeks Assurance on Handing Over
Information-Leak Details * Greek Proposals Lift Hopes of Deal * BOE’s Cunliffe
Anticipates U.K. Productivity Pickup * China Local Debt Bailout
Eurozone Still Not Out of the Woods on Greece
Greece Hopes Lift Stocks, Dent
Treasurys
Hope of Greek Deal Set to Steady Stocks Again
Housing Showing Signs of Recovering
The eurozone composite PMI rose to its highest level
since May 2011 in June … * … suggesting that the eurozone economy has remained
unaffected by the Greek crisis so far * US business investment
picks up in May, showing better prospects for the US economy
Euro-area PMIs to signal weakness EUR hinges on
recovery Scandies to firm more
Factory activity in China remained weak in June,
with the HSBC flash PMI data showing some improvement from May, but still
indicating contraction for the fourth month in a row.
Dollar Comes Back Bid
China's stock markets seem to be decoupling not only
from global markets, but also from domestic events as the Shanghai Composite
index continued to tumble (it staged a recovery later) despite a
better-than-expected PMI to take its current plunge to the 15% mark in just
over a week.
Cautious optimism as new Greek proposals seen as basis
for possible deal
China Soars 7% Off The Lows,
Global Stocks Continue Rising On Ongoing "Greek Deal Optimism"
Despite the sudden change of tone in the negotiations
between Greece and its creditors,
EURUSD finds itself suddenly testing key support amid broad USD strength. Does
this suggest that long suffering USD bulls may see a ray of light here?
Market sentiment early Tuesday is pointing to a Greek
deal, but nothing has been signed just yet. The optimism, however, is being
felt across asset classes as a broad-based wave of risk-on washes over world
markets.
FINNISH
Norja:
Korko alas – ja nokka kohti uusia pettymyksiä | Kreikka-neuvotteluissa
edistystä | Euroalueen korkoerot kaventuivat selvästi
Pertti Haaparanta: Saskattaisiko
vai itkettäisikö? – Akateeminen talousblogi
Simon Elo: Eliitti
haluaa tehdä eurosta liittovaltion sydämen – US
Kreikan ja velkojien
välillä toivoa sovusta, pankkijärjestelmää uhkaa luhistuminen – Suomen
uutiset