Report 08/07/2015

-  Greece given new, perhaps final ultimatum
-  Greece must come up with new detailed proposals by Thursday
-  Seems EU disappointed with greek efforts so far
-  Another emergency summit scheduled for Sunday
-  ECB will maintain liquidity until then
— But ECB likely to suspend ELA if no agreement made on Sunday
-  Would lead to closure of greek banking system and a possibly Greek exit
-  Merkel says she is not optimistic over greece
-  FOMC minutes this evening, look for any mention of greece
-  If Fed are worried about greece, rate hike expectations could be pushed back further
-  IMF warns US economic recovery coud stall if Fed raises rates too early
-   IMF want any rate hikes delayed until 2016
-  Asian equities suffer overnight
-  Nikkei down 2.8% to 19,802
-  Hang Seng down nearly 5%, Shanghai comp down nearly 6%
-  Over 1300 stocks of china stocks now suspended to prevent panic selling
-  China central bank says will provide liquidity to stock market
-   Many see this china equity story as much bigger than greek issues

-  08.30 Greece Tsipras addresses parliament
-  09.30 UK Record of 24 june FPC meeting
-  10.00 ECBs Coeure speaks
-  12.30 UK budget statement
-  19.00 US FOMC minutes
-  19.00 Feds Williams speaks
-  00.01 UK RICS house price
-  00.50 Japan machine orders
-  02.30 China CPI, PPI