Archive - Jul 29, 2015 - Story

With creditors now on the ground in Athens, and with a third prior actions vote in parliament due at the first of August, Greek PM Alexis Tsipras spoke out about the new bailout "deal", debt re-profiling, the referendum, party politics, and the possibility of early elections in an interview with Sto Kokkino radio station.  

• Fed expected to push ahead with rate hike plan (Reuters)
• Upbeat earnings lift European stocks ahead of Fed (Reuters)
• Chevron to Cut 1,500 Jobs (Rigzone)
• Can Windows 10 Revive PC Sales? (WSJ)
• U.S. Junk-Bond Buyers Left in Dark as Private Deals Become Norm (BBG)
• Jeb Bush Drawing Big Bucks From GOP Establishment (WSJ)
• Myriad of Greek Risks Means Money Managers in No Hurry to Return (BBG)
• Gas production at Gazprom set to hit post-Soviet low (FT)

On a day when market participants will care about only one thing - how hawkish (or dovish) the FOMC sounds at 2:00 pm (no Yellen press conference today) - Chinese stocks provided the usual dramatic sideshow and traded unchanged or modestly negative for most of the day despite the latest $100 billion injection, the close of trading on Wednesday was a mirror image of what happened in the last hour on Monday, as various Chinese "plunge-protection" mechanism went into a furious buying frenzy and government-backed funds rushed to buy anything that trades in the last 60 minutes of trading in what may be the most glaring example of banging the close yet.