Market Movers
Focus will be on Greece after the Greek population yesterday rejected the creditors' austerity programme in connection with the referendum, see Grexit - what if? Greek population prefers a NO .
This morning heads of the European Commission, the Eurogroup finance minister and ECB will hold a conference call to discuss the implications of the outcome of the Greek referendum. German chancellor Merkel and French president Hollande are scheduled to meet at 18:30 CET in Paris to agree on a common strategy ahead of the heads of state Eurogroup meeting tomorrow evening. The Eurogroup finance ministers are expected to meet early tomorrow morning to prepare this meeting.
The ECB governing council will hold a conference call this afternoon to discuss a possible increase in the Emerging Lending Assistance (ELA). The ECB might also indicate a potential policy response if needed to calm financial markets. The ECB's response will be key today.
In the data calendar German factory orders, Sentix for the euro area and ISM non-manufacturing are due for release.
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