Previously:
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EUROPE
Tim Worstall: Both Krugman And Friedman Said The Euro Was A Stupid
Idea: But They Did It Anyway, Didn't They? – Forbes
Tim Worstall: The Euro Always Was Doomed And We Were Told This 40 Years
Ago – Forbes
GREECE
Greece:
How both sides are right AND wrong – Cam
Hui
Chris
Bickerton: Syriza has not been radical enough – The
Current Moment
Austerity
is an integral part of the Greek tragedy – Simon
Wren-Lewis
Europe
is blowing itself apart over Greece - and nobody seems able to stop it – The
Telegraph
Tomas
Hirst: Returning to the drachma won't save Greece – Pieria
Martin
Wolf: Grexit will leave the euro fragile – FT
Greek
PM tells EU parliament will reform for aid – Reuters
Prove You're Not A False
Prophet!" Tsipras Lambasted At Parliament Session – ZH
EU
Tells Tsipras the Party’s Over as Euro Exit Door Swings Open – BB
Greece requests new 3-year
bailout – FT
EU
experts to review Greek loan request but no Eurogroup Wednesday – Reuters
Greece Faces Euro Exit Unless
Demands Accepted by Sunday – BB
Greek
Contagion and Why It Is Different This Time – At A Glance – WSJ
How
Would Greek IOUs Work? – The Short Answer – WSJ
Greece Preparing "Alternative
Currency", Kathimerini Says – ZH
Showing
them the exit – The
Economist
Greece and the Eurozone: Time
to Decide – Robert
Kahn
How
a Grexit would work – Politico
UNITED STATES
NYSE
trading halts on glitch – Reuters
FOMC MINUTES
Global
Concerns – Bill
McBride
Dissent:
No Stranger in the History of the FOMC – Barry
Ritholtz
Suggest
September Rate Hike Despite Global Turmoil – ZH
Hilsenrath
Confirms Fed "Cautious" But "Unalarmed" About Overseas
Turmoil – ZH
Reaction:
Stocks, USDollar, & Bond Yields Tumble – ZH
More
data needed before Fed can hike, as Greek worries loom – Reuters
OTHER
Martin Enlund: Global: protonic reversal – Nordea
Three
market themes intersected this week: the Chinese market rout, Grexit fears
materializing more fully, and a re-priced supply outlook for oil. Market is
pricing the first Fed rate hike in March-2016 - consistent with a negative
impact on global activity from a prolonged period of uncertainty. When Greece
worries subside, the EUR (& yields) will bounce, but for a more material
upturn we also need liquidations of the Chinese reflation trade to stop.
REGULARS
Daily
Central Banks – WSJ
June
Minutes Could Point to Rate Split Inside the Fed * Global Central Banking in 2015: A Third
Quarter Update for 24 Economies * Five Things to Watch for in the Fed Minutes *
China Takes More Steps to Stop ‘Irrational’ Selling * European Central Bank
Holds Key to Greece’s Future
Daily
Macro – WSJ
China’s equity market rout is raising a
number of big questions: Are Chinese policy makers geniuses or have they been
lucky so far? Is a slowing Chinese economy laying bare the distortions and
inefficiencies caused by often politically driven credit growth? Will the
Chinese government feel the need to launch another massive round of fiscal and
monetary stimulus to shore up the country’s asset markets and help its banks
make good on a rising volume of bad debts? Meanwhile, commodity prices have
taken a beating – not only has China been the world’s paramount consumer
of raw goods during the past decade and more, it’s been the locus of major
commodity market speculation. Elsewhere, the Greek crisis crunches on. The
latest deadline for a deal is Sunday, with the Greek government due to deliver
an amended plan to its eurozone partners this week. A last-minute compromise is
still possible, but it’s hard to see which side is going to give way on
positions held consistently during the past five months. Still, extend and
pretend has been the primary mode of operation.
Morning
MoneyBeat Asia – WSJ
U.S. Stocks
Slip the Noose, Rally Sharply
Morning
MoneyBeat Europe – WSJ
Stocks Gain
as Greece Gets More Time
Morning
MoneyBeat US – WSJ
As Earnings
Season Starts, Challenges Persist
Danske
Daily – Danske
Bank
http://www.danskebank.com/en-uk/ci/Products-Services/Markets/Research/Pages/research.aspx
Global
Daily – ABN
AMRO
Greece set
to submit a proposal for a new 2-3 year ESM programme…based on the letter
Eurogroup to decide whether to open negotiations * Big question marks about
whether Greece and creditors will reach an agreement * Meanwhile, deterioration
in market sentiment on the back of Greece and China worries
Euro
rates update – Nordea
Eye-Opener – Nordea
FOMC
minutes to point to lift-off this year, but timing not clear *c Drop in oil
prices depresses yields * EUR/USD to test 1.08?
Morning
Markets – TF
Today it's
all about China as equity markets tumble, anxiety reaches fever pitch and
debt-ridden Greece is pushed slightly into the background. Chinese emergency
measures and the direct intervention of the Chinese premier has failed to halt
the rout and over 500 listed Chinese companies are now suspended from trading.
Daily FX
Comment – Marc
Chandler
Markets
Remain on Edge
Daily
Shot – TF
While
Chinese stocks continue to fall despite government intervention this trend has
spilled over to other markets. Metal prices are down as well and so is oil.
Also currencies from other commodity-exporting nations have come under
pressure.
Daily
Press Summary – Open
Europe
Greece to
request new bailout programme ahead of Sunday’s decisive meeting of EU leaders
* Polish Presidential advisor: Poland’s Eurozone accession will need to be
approved via a referendum
Frontrunning – ZH
From the
Floor – TF
This little
squabble in Europe over Greece could get dwarfed if the unfolding stock market
plunge in China gets any worse.
FINNISH
Aamukatsaus – Nordea
Kreikka: myrsky
vesilasissa? | Euroalueen korot laskussa | Fedin avomarkkinakomitean pöytäkirja
julkaistaan