FOREX-Euro down on month-end flows, Greek headlines inject volatility

30 Jun 2015 | Author: | No comments yet »

Daily catch-up: the Greeks can stay in the euro or end ‘austerity’, but not both.

U.S. stock futures tilted higher Tuesday, as calm seemed to be returning to markets after a Greek-led selloff drove Wall Street to its worst session of the year the day before. Futures for the Dow Jones Industrial Average YMU5, +0.50% rose 112 points, or 0.6%, to 17,632.00, while those for the S&P 500 index ESU5, +0.61% were higher by 15.75 points, or 0.7%, at 2,065.50. Syriza, the Greek coalition of the radical left that is so admired by the sort of people who made sure Labour lost here, has finally led its voters to the point where denial meets reality.

And yet Alexis Tsipras, the Greek prime minister, still refuses to face it, calling a referendum that asks a question pretending Greece can stay in the euro without having to abide by its rules. I thought Germany would pay up to preserve the euro, but Andrew Lilico was right in April when he predicted Greece would leave the euro this year. 2. “Because capital punishment is constitutional, there must be a constitutional means of carrying it out.” Yesterday’s US Supreme Court ruling, again by five to four, that midazolam could be used in lethal injections, opens with a striking example of legal argument.

Greece on Tuesday is slated to miss its 1.54 billion euro ($1.71 billion) payment to the International Monetary Fund, and the country’s bailout program also expires the same day. It was notable that two justices, Stephen Breyer and Ruth Ginsburg, argued that the court should reconsider whether the death penalty is in fact compatible with the Constitution. Instead we have to wait out this week with more uncertainty.” Stocks and the euro pared losses after EKathimerini said in Twitter post that the Greek government is reconsidering a proposal from European Commission President Jean-Claude Juncker last night. The newspaper reported last night Tsipras rejected offer by Juncker to o accept creditors’ proposal, campaign for a “Yes” vote in the referendum and resume talks to reach an accord.

Matthew d’Ancona’s column in The Guardian yesterday was good and clarifying on the “lone wolf” objection to opposing the ideology of Muslim grievance. K+S AG rose 2.4 percent after Societe Generale SA said the probability is high that Potash Corporation of Saskatchewan Inc. will succeed in taking over the German company.

While Greek turbulence played out in European bond markets, moves reflected investor optimism that contagion would be contained by euro-area and European Central Bank firewalls. Euro-area sovereign securities handed investors a 5.7 percent loss this quarter through June 29, according to Bank of America Merrill Lynch’s Euro Government Index, the worst quarterly performance in data going back to 1985.

The cost of insuring corporate debt rose for a second day, with the Markit iTraxx Europe Index of investment-grade companies’ credit-default swaps climbed one basis point to 78 basis points, according to data compiled by Bloomberg. Chinese authorities stepped up efforts to support the market, allowing pension funds to buy stocks as a brokerage association called on investors and fund managers to stabilize the market. China’s Shanghai Futures Exchange started to ease delivery constraints for the metal, added to speculation that supplies will be enough to meet demand from the world’s biggest user.

Oil held below $60 a barrel in New York as U.S. and European diplomats in Vienna said a path to a nuclear accord with Iran is within reach even if Tuesday’s deadline for an agreement is set to be missed. Iran, the fifth-largest producer of the Organization of Petroleum Exporting Countries, has estimated it can double exports within six months if international sanctions are lifted.

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