Friday morning and U.S. stock index futures are up fractionally with a promise of a green opening. Dark clouds are forming as Greece edged closer to default despite assurances from Prime Minister Alexis Tsipras that the doomsayers are wrong.
China stocks have tumbled into correction territory, while the Federal Reserve's cautious stance towards lifting interest rates kept the dollar on the back foot.
Here is the current market situation from CNN Money
European markets are higher today with shares in France leading the region. The CAC 40 is up 0.95% while Germany's DAX is up 0.43% and London's FTSE 100 is up 0.32%.
ATHENS (Reuters) - Greeks pulled more than 1 billion euros out of their banks in a single day, banking sources said on Friday, as the country edged closer to default despite assurances from Prime Minister Alexis Tsipras that the doomsayers are wrong.
While the ECB is deciding the fate of Greece whether or not it will hike Greek ELA yet again in another emergency meeting (according to preliminary Reuters reports the answer is yes), Greek PM Tsipras is speaking live at the St. Petersburg International Economic Forum, just meters away from the "isolated" Putin. Live webcast after the jump.
As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday's Eurogroup meeting in Luxembourg. Varoufakis warned his counterparts that Europe was very close to "accepting" a Greek "accident", something the FinMin said EU officials have a "moral duty" to avoid before "uncontrollable events" occur. Varoufakis also implicitly accused the troika of attempting to incite a bank run.
While it wasn't entirely clear what Varoufakis meant by "uncontrollable events," it seems likely he's referencing the fact that while politicians may be able to push back their own self-imposed deadlines as many times as they wish even to the point of rendering the entire effort "ridiculous", " to use German Vice Chancellor and Economy Minister Sigmar Gabriel's words: 'the reality on the ground in Greece is that the economy is collapsing on itself and deposit flight is now running above at 750 million euros each day. Put simply: an acute crisis of confidence among the Greek populace now risks plunging the country into a state of emergency.
In an attempt to address the quickly deteriorating situation, Brussels looks set to impose capital controls as early as this weekend and has scheduled an emergency summit on Monday. EU finance ministers will reportedly hold another meeting ahead of the summit. WSJ has more:
Eurozone leaders will try to clinch a deal on Greece's flailing bailout at a hastily called crisis summit Monday, after finance ministers failed again to brid ...
HONG KONG (Reuters) - Asian shares rose for a third consecutive day on Friday even as China stocks tumbled into correction territory, while the Federal Reserve's cautious stance towards lifting interest rates kept the dollar on the back foot.
The government is prepared to finally enact one of the two remaining (and arguably most important) titles of the US JOBS Act. Regulation A+, as it's colloquially known, is an amendment to the existing, albeit anemic, Regulation A exemption. A+ increases the total amount of capital a company can raise from $5 million to $50 million in a 12 month period, but comes with several caveats that won't make it a feasible fundraising method for most startups.
A+ is divided into two tiers. Tier 1 allows companies to raise up to $20 million from any interested person. However, the offerings are subject to Blue Sky laws, which means companies could shell out tens of thousands of dollars before raising a dime.
Tier 2 lets companies raise up to $50 million, but they're required to file audited financials and additional ongoing reporting with the SEC. This can also lead to a cost of thousands that many startups (the very companies this amendment claims it will help) won't be able to fork over.
The vast majority of companies haven't bothered with Regulation A in the past â€" they mostly turn to Rule 506 of Regulation D. In 2012, for example, there were only eight Regulation A offerings that raised around$ 34.5 million compared to 7,700 Regulation D offerings that raised a total of approximately $7 billion. Maybe it's because the previous cap was a paltry $5 million, or maybe it's because companies were (and still will be under Tier 1) required to comply with every single state's Blue Sky laws. Tough to say, but when the cost of taking a company public isn't much more than a pr ...
TOKYO (Reuters) - Toyota Motor Corp moved into damage control mode on Friday after its new communications chief Julie Hamp, an American and its first senior woman executive, was arrested on suspicion of illegally bringing pain killers into Japan just two months after her appointment.
ST PETERSBURG, Russia (Reuters) - Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps and allow the Russian gas giant to penetrate new markets, its chief executive told Reuters.
PARIS (Reuters) - Airbus Chief Executive Tom Enders urged European governments not to place overly onerous political requirements on a joint project to develop drones, adding that the aerospace group could drop out if such conditions were not met.
SEOUL (Reuters) - A South Korean court on Friday said it will rule by July 1 on U.S. hedge fund Elliott's injunction request to block a Samsung C&T Corp shareholder vote on an $8 billion takeover bid from Cheil Industries Inc .
Moody's Investors Service's move last month to downgrade Chicago's credit rating to junk status highlights a tough new stance from the firm. Chicago's mayor has called the move irresponsible; other municipalities are also dropping Moody's.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com