Market Movers
Market focus will continue to be on Greece, as no agreement was reached this weekend. The Greek government announced a referendum on the bailout package to be held on July 5, which means uncertainty will stay with us for at least another week and probably longer. Bank holidays have been declared in Greece from Monday . The big question today is how the institutions will react to the Greek announcement, see also Grexit - what if? Greek referendum changes the game , 29 June 2015.
Iran and the P5+1 group of countries are eyeing the 30 June deadline for a final accord on Iran's nuclear programme. Both sides have indicated optimism that a deal is close, while the talks may extend beyond the deadline tomorrow.
We expect the German HICP to decline to 0.4% y/y, a moderation from May's 0.7% y/y increase, which was partly caused by one-offs. In the US, pending home sales for May are released and we expect a substantial increase of 2% m/m as recent housing market indicators in general have been upbeat.
In Norway we will get retail sales data for May and we expect some payback from the strong April data, which were boosted by the timing of Easter.
To Read the Entire Report Please Click on the pdf File Below