Greece remains front and centre to start the week with tons of rumours and denials floating around today’s EU summit. Even though a deal getting done today looks unlikely, it appears the proposals submitted by Greece were enough to keep the doors open, with more talks proposed for later in the week. With Grexit apparently having been postponed for now (how long remains to be seen) stocks are on the rebound to start the week with major continental indices up around 1.5-2.5% and US indices up 0.5-1.0%. Signs of progress have defensive plays back on their heels today reversing some of last week’s gains as capital flows back out into other markets. Gold has dropped around $10.00/oz while JPY and UK markets (both FTSE and GBP) are also underperforming a bit. EUR is trading flat against USD today indicating that although there has been some encouragement and cautious optimism, there also remains some healthy scepticism on whether a deal can get done or not. NOK and CAD are the top performing currencies today with crude oil on the rise again, although WTI remains below $60.00 and Brent remains well short of $65.00. NZD has been a bit soft following more soft data out of New Zealand. As the day progresses, we may also see some positioning ahead of tonight’s Flash PMI reports from around the world, the first indication of how things have been going in June so far. Corporate News Apple Apple Music to pay artists during a three month trial period of the service following publication of an open letter in opposition from Taylor Swift. Economic News Significant announcements released overnight include: NZ consumer confidence 113.0 vs previous 117.4 Upcoming significant announcements include: 9:45 am EDT ECB weekly QE update 10:00 am EDT US Existing home sales street 5.26M 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.