The Countdown for Greece is On!
The situation in Greece continues to captivate the attention of the markets, as European leaders met yesterday in Brussels. Greek Prime Minister Alexis Tsipras has until tomorrow to submit a detailed reform proposal that will support his bailout loan request. The proposal will have to be credible because the patience of his European counterparts has worn thin. Greece’s fate should be settled on Sunday during the next eurozone summit, and every option is on the table!
Investors today will also focus on the release at 2 p.m. of the latest FOMC Meeting Minutes. Greece’s referendum and the pullback in Chinese stock markets were not on the agenda for June’s meeting, and this could serve as a pretext to delay the key rate increase. Consequently, Chair Janet Yellen’s speech Friday will be followed very closely!
Stock markets are continuing to correct in China, with the Shanghai Index having fallen by 32% since the high recorded on June 12. The loonie and crude oil prices are rising slightly this morning, and the euro is stable against the greenback.
