EUROPE
A dozen states reject
proposed joint budget for single currency area
Euro area banks start paying back ECB loans – Nordea
Today, the ECB announced
the result of banks’ first option to repay T-LTROs early. Banks will gradually
repay TLTROs and the ECB’s balance sheet will shrink and excess liquidity will
be drained as a result. PMIs surprised positively for once
Structural policies in the euro area – ECB
Structural policies in the euro area – ECB
Debt mainly held by non-residents in half of the
EU Member States – EC
Flash France Composite
PMI – Markit
Eurozone PMI provides silver lining to 2Q
performance – ING
The increase in the PMI
shows that calendar effects may have overstated the slowdown in May, but it
doesn't provide much evidence that the soft patch has ended
GREECE
Repayment deadlines on
almost €100bn of bailout loans pushed back 10 years
Euro zone finance
ministers on Friday extended maturities and deferred interest of a major part
of their loans to Greece along with a big cash injection to ensure Athens can
stand on its own feet after it exits its bailout in August.
Deal sees extension of
maturities, grace period of 10 years * Under agreement Greece will get final
tranche of 15 bln euros
Greek deal paves way for August bailout exit – Politico
‘The Greek debt problem
is behind us,’ says French Finance Minister Bruno Le Maire.
Greek Finance Minister
Euclid Tsakalotos said on Friday a deal extending and deffering repayments on
part of Greece's debt pile sent a clear signal to markets that the country had
turned a corner from crises which rattled it in the past.
IMF welcomes Greek debt deal but has reservations on long-term – Reuters
The International
Monetary Fund welcomed on Friday a deal on debt relief for Greece reached by
Athens' euro zone creditors saying it will improve debt sustainability in the
medium term, but maintained reservations on the long term.
Greece and creditors proclaim 'end of crisis' – euobserver
Marcus Ashworth: Greece's Deal Leaves Too Much
to Chance – BB
The country still hasn't
proved it has access to the bond market.
Leonid Bershidsky: Greece Will Be Stuck In Its
Bailout for Years to Come
– BB
The exit terms make it
difficult for the next Greek governments to chalk up any wins.
MIGRATION
Merkel plays down chances of breakthrough in EU migration talks – Reuters
Ana Palacio: Confronting the Migrant Threat to the EU – Project Syndicate
More than any other
challenge facing Europe today, the ongoing migration crisis has the potential
to destroy the European project. Rather than debating European Commission
diktats and lamenting member states' rebelliousness, EU leaders must consider
fresh approaches, including third-country disembarkation platforms.
Editorial: The Fed Needs to Pass Its Own Stress
Test – BB
Can it do what's needed
to prevent another crisis?
Flash US Composite PMI – Markit
OTHER
TRADE WAR
Trump threatens 20
percent tariff on European Union cars – Reuters
Trump's Latest
Tariff Threat Sends Daimler, BMW Reeling – BB
Trump Threatens
20% Tariffs On Cars; Euro, Car Stocks Slide – ZH
REGULARS
EU Open Rundown – RANsquawk
Market Briefing:
Daily Markets Overview – Yardeni Research
FirstFT Daily
Briefing
– FT
Greek
tragedy averted, Saudi female drivers, alcoholism’s origins
WSJ City – WSJ
U.S.
Banks Pass Stress Tests, More Changes at Deutsche Bank
WSJ Economics – WSJ
Which
Way for Oil Prices? Which Way for Interest Rates?
Danske Daily – Danske
Bank
Daily Market
Comment
– Marc
Chandler
BOE
Spurs Dollar Pullback
Brussels Playbook – Politico
Merkel’s
first times — Greek done deal — Migration escalation
Five Things You
Need to Know to Start Your Day – BB
US Open – ZH
Dow's
8 Day Losing Streak Set To End Amid Global Relief Rally