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
