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25Jun2015 Pre-Market Commentary: Today It Will All Be About Greece

Written by Gary

To summarize in one word what will affect the market today - Greece.


Here is the current market situation from CNN Money

European markets are mixed today. The DAX is up 0.58% while the CAC 40 gains 0.38%. The FTSE 100 is off 0.02%.

The continuing concerns of Greece leaving the euro is weighing on the global markets.

What Is Moving the Markets

Here are the headlines moving the markets.

Oil steadies as stronger demand balances glut

LONDON (Reuters) - Crude oil prices steadied just above $60 a barrel on Thursday as strong demand for oil products helped balance a global overhang of oil for immediate delivery.

Creditors set bailout ultimatum for defiant Greeks: source

BRUSSELS (Reuters) - Greece's international creditors will put their own final proposal for a cash-for-reform deal to avert a Greek default to euro zone finance ministers for approval on Thursday after Athens let a deadline pass, euro zone officials said.

European Stocks Choppy as Greek Talks Clarity Awaited

European stocks were choppy as investors awaited clarity from the latest Greek bailout talks.

Letter of Recommendation: Letter of Recommendation: Alternative Search Engines

Want to find what you didn't know you were looking for? Don't go to Google.

Exclusive: ECB limits funding lifeline for Athens amid Bundesbank protest

FRANKFURT (Reuters) - The European Central Bank limited a crucial lifeline for Greece, after the head of the Bundesbank told peers he had serious doubts about providing continued emergency funding to Greek banks, people familiar with the discussion said.

Jittery Markets Seesaw With Every Greek Headline As Time Runs Out, China Replunges

Before we get into the main story for headline scanning algos which of course is the endless Greek tragedy, it is worth noting that while overnight China scrapped its 75% loan to deposit ratio cap for commercial banks, broadly seen as yet another easing move, the PBOC also engaged in its first liquidity injection via reverse repo since April in what many took to be an indication that an RRR-cut is increasingly less likely. As Reuters reports, "The decision to resume injecting funds via reverse bond repurchase agreements after a nine-week hiatus shows the bank is moving proactively to offset rising seasonal cash demand as companies prepare to file their first-half financial reports."

Money rates are typically under pressure toward the end of the quarter, and in particular at the end of the first half, when banks and corporates stock up on cash to burnish their balance sheets.

In addition, large batches of IPOs have from time to time frozen a large amount of short-term liquidity.

China's securities regulator said late on Thursday it had approved a new batch of 28 IPOs after 24 firms just finished subscriptions this week and last.

In response, the People's Bank of China (PBOC) injected 35 billion yuan ($5.64 billion) into the market through seven-day reverse bond repurchase agreements on Thursday, its first open market operation since mid-April.

The central bank also set the yield on its seven-day reverse repos at 2.7 percent, down sharply from 3.5 percent in April but about in line with the currency market rates.

The result, as well-meaning as it could have been, is that after two days of increase ...

Lack of Greek deal weighs on European stocks

LONDON (Reuters) - Persistent concerns of Greece leaving the euro weighed on European stocks on Thursday, with the lack of progress in negotiations on a cash-for-reform deal for Athens pushing investors towards safe-haven German Bunds.

SEC and JPMorgan in talks to settle probe regarding product steering: WSJ

(Reuters) - JPMorgan Chase & Co is in talks with the U.S. Securities and Exchange Commission to settle a probe by the agency on whether the bank inappropriately advised its private-banking clients toward its own investment products, the Wall Street Journal reported, citing people familiar with the matter.

Dr. Phil McGraw Creating New TV Show With DailyMail.com

"DailyMailTV," which is set to begin in April, will draw from the tabloid website's content. Still to be decided: whether Dr. McGraw will appear.

Takata Chief Apologizes for Airbag Problems

The reclusive chief executive of the airbag maker Takata offered his first public apology for the defective airbags that have killed eight people.

McDonald's plans to sell Taiwan stores to franchise operator

SHANGHAI (Reuters) - McDonald's Corp said it is aiming to sell all of its 413 Taiwan-based stores to a franchise operator, as the U.S. fast-food chain looks to cut costs globally and turn around its flagging China business.

Toyota, Nissan expand air bag recalls after latest U.S. action

TOKYO (Reuters) - Toyota Motor Corp and Nissan Motor Co said on Thursday they would expand a recall previously issued in North America to the rest of the world to replace potentially deadly passenger-side air bag inflators made by Takata Corp .

Takata CEO: internal probe into failing air bags 'not progressing'

TOKYO (Reuters) - The head of Takata Corp said an internal probe into why the Japanese supplier's air bag inflators were failing was not progressing well, as millions of cars continue to be called back to replace the potentially deadly component.

Australian Property Lending Gets Aggressive

The growing use of high-risk home-lending practices is starting to raise red flags with credit-ratings firms, regulators and even Australia's central bank.

Canadian small-business investment shows shift in economy: PayNet

OTTAWA (Reuters) - Small-business investment increased in most parts of Canada in the first quarter, with the exception of two of the country's most oil-sensitive provinces, as firms adjusted to the fallout of lower crude prices, data from PayNet showed on Thursday.

China Tips Cap to More Bank Lending

Scrapping a loan-to-deposit cap on lending should actually make China's banks safer.

News Analysis: Measuring the Success of Health Insurance Subsidies

They appear to have drawn substantial numbers of younger, healthier people into the new insurance markets, stabilizing premiums, even for those who pay the full cost.

Macau Builds, but Gamblers Don't Come

Macau's new casinos are opening their doors, but so far China's gamblers are still refusing to show.

Lack of Greek deal weighs on European stocks

LONDON (Reuters) - Persistent concerns of Greece leaving the euro weighed on European stocks on Thursday, with the lack of progress in negotiations on a cash-for-reform deal for Athens pushing investors towards safe-haven German Bunds.

AirAsia CEO Fernandes casts other work aside amid accounting worries

SINGAPORE (Reuters) - AirAsia Bhd boss Tony Fernandes has told staff and analysts he will spend more time working on the budget airline and put his other business and sporting interests to one side, after a report questioning the company's accounts sent its share price tumbling.

Toshiba may add more outside directors after accounting irregularities

TOKYO (Reuters) - Toshiba Corp may appoint more outside board members to improve oversight of its accounts which it is now investigating after finding irregularities, its CEO said on Thursday.

Epoch of Belief, Epoch of Incredulity (23): Keep the Faith

Written by Adam Whitehead, KeySignals.com

Faith, of the believers in the great institutions of our modern day was shaken to the ground last week. The institution of FIFA got all the headlines - [i], but there was plenty of dirty business going on elsewhere behind closed doors.

Banks slash payments to index funds for Russell rebalance

NEW YORK (Reuters) - With the annual rebalance of the Russell stock indexes just a day away, brokerage firms are shaving the discounts they typically offer to big index funds on what is usually one of the biggest trading days of the year.

Icahn Cashes In His Netflix Chips

The billionaire investor sold his remaining stake in the video-streaming firm, banking more than $2 billion in profits, according to regulatory filings, in part because he is worried financial markets are overheated.

1MDB Defends Price Paid for Power Plant

The Malaysian state investment fund says it got "independent valuation" advice in the purchase of power assets it appears to have paid too much for.

The Mystery Of The "Missing" Inflation Solved: Record Number Of US Renters Can't Afford Housing

Looking at a long-term chart of the BLS' core CPI chart or the Fed's preferred inflation metric, the Core PCE, reveals that the US is patiently trudging below the Fed's goalseeked goal of roughly 2% inflation per year. Even when stripping out just the "shelter" component of CPI reveals inflation that is barely higher at just under a 3% annual increase.

Of course, by now everyone knows that the artificially suppressed, "hedonically-modified" and seasonally-adjusted inflationary readings is what has permitted the Fed to not only grow its balance sheet to $4.5 trillion but to keep rates at 0% for 8 years. Because "how will the economy recover if there is no broad inflation", the Keynesian brains in the ivory tower scream, demanding more, more, more easing just to push inflation higher.

There is only one problem with this: it is all a lie - just ask any average American whose cost of living has soared in the past decade.

Still, with reality diverging so massively from the government's official data, reality just had to be wrong somehow.

Turns out reality was right all along, as revealed by the latest "State of the Nation's Housing" report released by the Center for Housing Studies at Harvard, which showed that while inflation among most products and services may indeed be roughly as the Fed and BLS represent it, when it comes to re ...

Iconic Dukes of Hazzard Car 'General Lee' Stripped Of Confederate Flag: "This Is A New Level Of P.C. Idiocy"

Submitted by Mac Slavo via SHTFPlan.com,

general-lee-1

They've been pushing for it for over 150 years and this year the politically correct anti-Confederate flag movement may have finally achieved its ultimate goal. Following a racially driven shooting spree that left nine people dead at a church in Charleston, the governor of South Carolina is pushing legislation to have the flag removed at any government buildings where it currently flies. In Alabama, the governor has ordered Confederate flag "paraphernalia" removed from the Confederate Memorial Monument.

Major retailers like Amazon, Ebay, and Walmart immediately jumped on board and have now removed confederate flags from their listings. Paul Joseph Watson highlights the sheer ridiculousness of the move, noting that while Amazon has removed memorabilia featuring the flag of the Confederacy, they continue to allow the sale of items featuring Nazi emblems and Swastikas.

But the idiocy, based on absolutely no logical reasoning except that this is the perfect crisis to not let go to waste, doesn't stop there ...

Freeport Boiled in Its Own Oil

Freeport McMoRan's planned oil-business IPO underlines a big strategic mistake and looks challenging to pull off.

Bonfire of the Biotech Vanities

Newly listed triple-levered exchange-traded funds could serve as fuel for the biotech-stock frenzy.

Earnings Summary for Today

Earnings Calendar provided by Investing.com.

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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