Archive - Jun 2015 - Story

It wouldn't be the new normal without a "Greek deal imminent" rumor/headline and so after overnight China-based strength gave way to selling pressure, another twitter-based rumor of "chatter" of a Greek accord (which given yesterday's comments seems extremely unlikely anyway) sparked a malt-up in EURUSD and US Equity futures. However, as is always the case, Virtu's algos as usual forgot to sell when the official denial occurred just a few minutes later.

"Not only is it possible that we may need to see technical default and deposit blocks in order to come to a new programme, it may be necessary to do so in order to break the current impasse in negotiations," Goldman says, after indicating that a Greek government shakeup is now likely inevitable.

• Senate lets NSA spy program lapse, at least for now (Reuters)
• Draghi Deflation Relief Means Little With Greek Threat Unsolved (BBG)
• Tepid factory data add to Asian gloom (FT)
• Citigroup Likely to Close Banamex USA (WSJ)
• Frugality of High Earners in U.S. Shows Long Shadow of Recession (BBG)
• Greece’s Tsipras Warns Bell May Toll for Europe (BBG)
• Carnegie Mellon Reels After Uber Lures Away Researchers (WSJ)
• Romário leads drive for Brazilian probe into Fifa (FT)
• Faster than China? India's road, rail drive could lay doubts to rest (Reuters)

Remember China's 6% crash last week? It is now a distant memory made even more remote thanks to the latest batch of ugly data out of China, coupled with hints of even more liquidity injections, which led to the latest surge in the Shcomp, an index that has put most pennystocks to shame. In Europe, the big story remains Greece, and as everyone expected, the doomed country and its creditors failed to make a deal on Sunday. This is after Greek Officials were said to have prepared a draft agreement, which was expected to be announced on Sunday. Not helping things, Greek PM Tsipras came out in fully defiant mode and accused bailout monitors of making “absurd” demands and seeking to impose “harsh punishment” on Athens. A bunch of final PMI number showed a modest improvement in the periphery at the expense of Germany whose deterioration is starting to be a concern.