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Mission Accomplished SNB: Euro Storms Back To Unchanged

Because nothing of import happened this weekend. And if it did, the central banks "got it covered."



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Dallas Fed Surges Back, Beats By Most Since Jan 2012 But Hope Tumbles

After breaking to 6 year lows in May, expectations were for a bounce in Dallas Fed's Manufacturing Outlook from -20.8 to -16. After missing expectations for six straight months, June's bounce to a -7.0 print is the biggest best since January 2012. This surge was all due to the current conditions shift as future hope for new orders and production tumbled. While most subindices rose, we note that CapEx fall once again to 3-month lows. This is the 6th consecutive negative (contractionary) print in a row for Dallas Fed - something not seen outside of a recession.



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Greece May Not Even Have The Funds To Conduct A Referendum

According to Germany's FAZ, "the Greek Court also estimates that the referendum will cost around 110 million euros, according to a well-informed policy analyst. Money that in view of the strapped Greek Checkout simply will not be there, even if the country saves a EUR 1.6 billion full-scale default to the International Monetary Fund this Tuesday."



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Pending Home Sales Rise At Slowest Pace Since 2014, April Revised Lower

While May Pending Home Sales are the highest in 9 years, the pace of growth is slowing as April's rise was revised lower to +2.7% (from 3.4%) and May prints +0.9% (slightly less than the 1.0% jump expected). The 0.9% rise is the slowest MoM rise since Dec 2014.



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National Bank Of Greece Crashes To Record Low

While the Greek Stock Market remains closed, ADRs trade around the world and National Bank of Greece - theoretically the strongest and least ELA-exposed (although still a disaster) - is trading down 24% in US markets on extremely heavy volume...



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Grexit Is Good - Dow Transports Ramp Back To Unchanged

See! Greece doesn't matter... nor does China... nor does Puerto Rico...



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Gold Tumbles Despite UK Mint Seeing Europeans Rush To Buy Bullion

European investors are increasing purchases of gold as Bloomberg reports, Greece’s turmoil boosts the appeal for an alternative to the euro. Demand from Greek customers for Sovereign gold coins was double the five-month average in June, the U.K. Royal Mint said in an e-mailed statement.As one Frankfurt-based bullion dealer noted, "most of our common gold coins are sold out, when people learned that the Greek banks will be closed, they started to think that it may not be such a bad idea to have some money in gold."



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Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

Good news - some Greek bank branches will re-open sooner than expected: GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS

Bad news - only pension withdrawals are allowed in limited size: GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL

Party's over.



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Gartman Covers His Treasury Shorts

"because of the flight to safety, the long end if flying to the upside and it is wisest to head to the sidelines and we can do so with a small profit taken. We’ll do so… immediately." - Gartman



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Puerto Rico Bonds Are Collapsing

With all eyes focused on Greek ATM lines, collapsing Chinese ponzi schemes, and European bank implosions, one could be forgiven for forgetting about another crisis occurring closer to home. As we detailed here, Puerto Rico is now "in a death spiral" and PR bonds are collapsing this morning...



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Juncker To Greece: "Don't Commit Suicide Just Because You Are Afraid Of Death"

We now know it's serious because EU President Jean-Cleaude Juncker just dropped The Big Lie. He proclaimed that "pension cuts were not in the creditors proposals" which as many pointed out is a total lie and then said: "You shouldn’t commit suicide because you're afraid of dying. You should say 'yes' regardless of what the question is." Got that Greek Grandmas - Vote YES no matter what you think - that's how EU democracyu works...



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Central Banks Scramble To Stabilize Crashing Markets: China Fails, Switzerland Succeeds (For Now)

At the open, Europe looked in the abyss, and with no help coming from China, it did not like what it saw: And then the answer came from the Swiss National Bank, which stepped in to prevent the collapse just as Europe was opening. Because seemingly out of nowhere, a tremendous bid came in to life the EURCHF, buying Euros (against the CHF and the USD) and selling Europe's last left safety currency. We now know that it was the SNB, the same central bank which is the proud owner of well over $1 billion in Apple stock.



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Did The BIS Already "Accidentally" Kick Greece Out Of The Eurozone?

Spot the glaring "oversight" it in the BIS map below which is a snapshot of the original BIS release. Hint: Dollar zone in Green... Euro zone in blue...



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