Market Movers
Focus remains on Greece. It has been confirmed that Greek Prime Minister Tsipras will hold a meeting with German Chancellor Merkel and French President Hollande on the sidelines of today's summit in Brussels. The meeting is expected to be held this evening after the official dinner. The counter-proposal released by Greece late Monday again appears to have been judged insufficient by the three creditor institutions, partly because it lacks details. Hence an agreement does not appear to be imminent.
Outside Scandinavia we have a thin data calendar today. In the euro area both France and Italy will release industrial production for April. German industrial production for April was better than expected, suggesting some upside to today's industrial production data. After the publication of today's industrial production data we should have a good estimate of how industrial production for the euro area as a whole will come out (to be released on Friday).
Reserve Bank of New Zealand (RBNZ) will announce its interest decision late this evening. RBNZ is expected to keep its interest rate unchanged at 3.5% but an interest rate cut cannot be completely ruled out.
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