Negotiations over what to do about Greece’s debt problems continue with the creditors making another proposal. Rumours of a take it or leave it offer were dismissed but one has to think that things could come to a head one way or another over the next few days as the June 30th IMF payment deadline looms. With the potential for a big move in either direction depending on whether negotiations end in a deal or a Grexit, traders appear to be like deer caught in the headlights unwilling to really commit to either side in fear of getting caught offside, particularly if something happens on the weekend. That being said, I still think traders would prefer to see a lasting resolution this time around one way or another rather than more kicking the can down the road. So today finds US stocks up moderately and European indices down moderately. USD has given back some of yesterday’s gains in currency trading. Among the majors, NOK, AUD and NZD are top performers with CHF, CAD and EUR among the laggards. Gold is flat while Brent is outperforming WTI slightly in oil trading. Greek treasury yields are up slightly but near 10.5% are below recent highs, which suggests traders still think a last minute deal could be pulled off. Later this morning, natural gas could be active on storage but overall news, comments, rumours and denials about Greece could still have a significant impact throughout the day. Corporate News Empire Company $1.50 vs street $1.51, 11% dividend increase, 3 for 1 stock split Economic News Significant announcements released overnight include: US jobless claims 271K vs street 273K US personal income 0.5% as expected US personal spending 0.9% vs street 0.7% US core PCE inflation 1.2% as expected UK CBI sales 29 vs street 35 vs previous 51 Sweden producer prices 1.6% vs previous 2.4% Upcoming significant announcements include: 9:45 am EDT US flash services PMI street 56.5 10:30 am EDT US natural gas street 79 BCF CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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