Share This Story
TradeTheNews.com US Mid-Session Updates: Another New Deal for Greece
Mon, 13 Jul 2015 11:34 AM EST
- (IL) Israel Jun Trade Balance: -$1.0B v -$0.9B prior
- (IN) India Jun CPI Y/Y: 5.4% v 5.1%e
After a marathon all-nighter, Europe and Greece have agreed to negotiate a third bailout deal and equity markets in Europe and the US are seeing solid gains. The EuroSTOXX50 is up 1.7%, the DJIA is up 1.1% and the S&P500 is up 0.86%. European sovereign issues are bid, with yields coming in a bit, while the US 10-year yield is up 4.6% at 2.44%.
The details of the new plan for Greece as harsh as any proposal seen over recent months, and components of the reforms must be passed by the Greek parliament by Wednesday, setting up a major political hurdle for the new deal. The official communique stated the creditor nations would offer Greece up to €86 billion of three-year funding for tax, pension and labor reforms, more than the nearly €54 billion requested by Athens last week. There will be no haircuts, but the deal held out the prospect of some amount of debt rescheduling. This morning, the ECB reportedly left ELA funding for the Greek banks unchanged at €89B, while the Greeks extended the bank holiday for an indefinite period.
Prospects for an Iran nuclear deal improved over the weekend, and Iran President Rouhani commented that both sides were very close to signing a deal. No new official deadline was established, but Iran Foreign Minister Zarif said he was ready to keep talking as long as necessary. WTI prices remain rangebound in the $51-53 window, while Brent is bouncing around in the $56-59 range.
Several sizable merger deals are moving US names this morning. MarkWest Energy Partners LP agreed to be acquired by Marathon Petroleum's MLP pipeline vehicle MPLX LP in a $20 billion transaction. MarkWest holders get $78.64/shr in cash and stock, biased heavily towards the equity component: 1.09 MPLX common units and $3.37 in cash. Automobile electrical components firm Remy is being bought by Borg Warner for $29.50/shr in cash, in a $1.2 billion deal. Jarden snapped up private plastic flatware maker Waddington Group for $1.35 billion.
- 14:00 (US) Jun Monthly Budget Statement: $50.0Be v $70.5B prior
- 16:00 (US) Crop Condition Report
- 19:01 (UK) Jun BRC Sales Like-For-Like Y/Y: No est v 0.0% prior
- 20:00 (SG) Singapore Q2 Advance GDP Q/Q: 0.9%e v 3.2% prior; Y/Y: 2.5%e v 2.6% prior
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."