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13Jul2015 Pre-Market Commentary: Greece And The EU Strike A Deal, Global Markets UP, WTI Oil Down And U.S, Dollar Up

Written by Gary

U.S. stock futures are higher this morning after eurozone leaders said they reached a deal to provide further bailout aid to Greece. China is still in the news after stock-market roller coaster ride, reasoning that the economy is still growing fast and that panic among mom-and-pop buyers is behind the recent slide.

The U.S. dollar is up, oil is sliding and the markets are expected to open higher.


Here is the current market situation from CNN Money

European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.78% while Germany's DAX is up 1.23% and London's FTSE 100 is up 0.69%.

What Is Moving the Markets

Here are the headlines moving the markets.

Greece reaches deal with eurozone leaders, avoiding financial collapse and euro exit

BRUSSELS (AP) — After months of acrimony, Greece finally clinched a bailout agreement with its European creditors on Monday that will, if implemented, secure the country's place in the euro and avoid financial collapse.

The terms of the deal, however, will be painful both for Greeks and their radical left-led government, which since its election in January had vowed to stand up to the creditors and reject the budget cuts they have been demanding.

Before it can get 85 billion euros ($95.07 billion) in bailout cash and support for its banks to reopen, the Greek government will have to pass a raft of austerity measures that include sales tax increases, reforms to pensions, and labor market reforms. Greece will be on a tight timetable to implement its reforms.

Euro zone strikes Greek deal with tough conditions

BRUSSELS (Reuters) - Euro zone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euros bailout to keep the near-bankrupt country in the single currency.

Tsipras Releases Statement Following Greek "Deal", Will "Fight To Regain Lost National Sovereignty"

Just released by the website of the Greek Prime Minister is Tsipras' statement about many things but most importanttly how he plans to "fight" to regain the "lost national sovereignty" - sovereignty which one may ask was lost by whom exactly...

Prime Minister Alexis Tsipras' statement following the conclusion of the Eurozone Summit

We have been fighting hard for six months now, and we fought until the end to achieve the best possible outcome, an agreement that will enable the country to get back on its feet, and for the Greek people to be able to continue to fight.

We faced tough decisions, tough dilemmas. We assumed responsibility for the decision in order to prevent the most extreme objectives from being implementedâ€"those pushed for by the most extreme conservative forces in the European Union.

The agreement calls for tough measures. However, we prevented the transfer of public property abroad, we prevented the financial asphyxiation and the collapse of the financial systemâ€"this was planned to the last detail â€" having recently been designed to perfection, and in the process of being implemented.

Finally, in this tough battle, we managed to gain the restructuring of the debt and a financing process for the medium-term.

We were aware that it would not be an easy task, but we have created a very important legacy. An important legacy, and a much-needed change throughout Europe. Greece will continue to fight, and we will continue to fight, so that we can return to growth, regain our lost national sovereignty. We earned our popular sovereignty. We sent a message of democracy, a me ...

Pipeline Operator MPLX to Buy MarkWest Energy Partners

The deal would value MarkWest Energy, a so-called master limited partnership, at about $20 billion, including debt.

CrowdStrike, Cybersecurity Services Provider, Raises $100 Million

The investment was led by Google Capital, in what it says will be the first of several cybersecurity deals.

Energy Companies to Merge in $15.8 Billion Deal

MPLX agreed to buy MarkWest Energy for about $15.8 billion, creating a master-limited partnership giant with natural gas and crude oil presences.

Greek Bank Buffer Looks Pretty Thin

Greece's prospective deal with its creditors includes up to 25 billion to prop up the country's banks. That could evaporate quickly.

Debt Load Digs Into Mining Industry

Mining firms borrowed extensively to meet China's soaring appetite for raw materials, but now the boom is ebbing and commodities prices are sliding.

Frontrunning: July 13

Greece Capitulates to Creditors' Demands to Cling to Euro (BBG)

Euro zone strikes deal with Greece after all-night struggle (Reuters)

Tsipras Moves From Predator to Prey at Euro 'Torture' Summit (BBG)

Euro's Greek Boost Evaporates as Analysts Predict Losses to Come (BBG)

Greek Fury Meets Resignation at Demands for Concessions (BBG)

Poland Blames â€'Carefree' Greek Populists for Tough EU Aid Deal (BBG)

Europeans Press for Iran Nuclear Deal on Monday (WSJ)

Iran nuclear talks: Deal 'near completion' (BBC)

In speech, Clinton to put wages at heart of economic policy (Reuters)

China's Incendiary Market Is Fanned by Borrowers and Manipulation (

Futures surge after Greece reaches rescue deal

(Reuters) - U.S. stock index futures rose on Monday after euro zone leaders reached an agreement with Greece to move forward with a third bailout loan for the country to avert bankruptcy.

Mims: How Future Bitcoin Can Prevent a Future Greece

Bitcoin, the volatile digital currency, cannot help the Greeks of today. But it could mean a great deal to those caught up in currency crises to come.

Europe gives tired cheer to Greek rescue deal

LONDON (Reuters) - World markets gave a weary cheer on Monday as euro zone leaders emerged from-all night talks in Brussels with a deal to keep Greece afloat and part of the euro currency union.

Oil Production Shows Signs of Flagging

As the U.S. and OPEC have flooded the world with oil, producers elsewhere have cut back. That casts a shadow over long-term supply growth.

Samsung Still Faces Close Shave

A shareholder vote over the $8 billion merger of two Samsung companies will be down to the wire, despite possible support from Korea's largest pension fund.

New Hearing Begins in Iran for Washington Post Correspondent Jason Rezaian

Mr. Rezaian, 39, is accused of engaging in espionage on behalf of the United States government and conducting activities against Iran.

Oil tumbles as Iran nuclear deal looms

LONDON (Reuters) - Oil prices tumbled on Monday as Iran and six world powers closed in on a nuclear deal that would end sanctions on the Islamic Republic and let more Iranian oil on to world markets.

Concern About Trading of U.S. Treasurys Prompts Review by Regulators

U.S. regulators have become increasingly concerned about unstable trading in the Treasury market, and on Monday, they are set to release findings from a review of market conditions.

Pacific Plywood Shares Plunge 27% On Details Of China P2P Site Purchase

Shares in Pacific Plywood, a Hong Kong-listed small-cap money lender, plunged by 27% today after the company said it agreed to buy mainland P2P site Caiji from its controlling shareholder in an all-stock deal worth at HK$2.4 billion, or $310 million.

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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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