No flying colors, but markets just might pass their stress test
The ominous worldwide news flow has depressed American investor sentiment beyond what might be expected.
MONEY (MSM)
Greek deal done, Merkel's allies rush to sell it in Germany
Germany’s political establishment rushed to defend a deal with Greece on Monday to negotiate a third bailout, with Chancellor Angela Merkel’s lieutenants selling the agreement as a victory for Europe that her conservatives can support. The hard line taken in the negotiations with Greece by Merkel’s finance minister, Wolfgang Schaeuble, has emboldened lawmakers in the ranks of her conservatives where many were skeptical about backing further aid to Athens. German
Saudis Pump Record Crude Over Demand Forecast
Saudi Arabia told OPEC it raised oil production to a record as the organization forecast stronger demand for its members’ crude in 2016. The world’s biggest oil exporter pumped 10.564 million barrels a day in June, exceeding a previous record set in 1980, according to data the kingdom submitted to the Organization of Petroleum Exporting Countries. OPEC said it expects expanding oil consumption to outpace diminished output growth from rival
BlackBerry names Cisco veteran as global head of sales
BlackBerry Ltd named Carl Wiese as head of global sales on Monday, an appointment that comes at a critical juncture for the former smartphone leader, which needs to spur top-line growth for its turnaround efforts to succeed. Wiese has spent the past 12 years at Cisco Systems Inc, initially heading advanced technology sales and later Cisco’s collaboration-product sales efforts. At BlackBerry, he replaces John Sims as global head of sales.
Euro zone leaders: Greece must do more to earn rescue
Euro zone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area. Leftist Prime Minister Alexis Tsipras will be required to push legislation through parliament from Monday to convince his 18 partners in the monetary union to release immediate funds to avert a
China regulator orders brokerages to review trades following stock rout
China’s securities regulator instructed brokerages on Sunday to review trades and enforce rules that require the use of real names and national identification numbers, the latest move by the government aimed at stabilizing stock prices following a devastating market rout the past month. The latest warning by the China Securities Regulatory Commission (CSRC) is meant to clamp down on a trick whereby a single investor controls multiple accounts — often
Global inflation pressures still mild, China still the worry
Global inflation appears tamer than many had thought it would be by now, still held back by a modest outlook for economic growth, meaning central banks look likely to leave rates lower for longer — or even ease policy further. For those watching the world economy, China, not Greece, has for a while remained the number one concern. The panic by the Chinese authorities last week as they went through
Wary euro zone to pass bailout judgment on Greece
Skeptical European finance ministers gathered on Saturday to decide whether to negotiate a third bailout for Greece after Prime Minister Alexis Tsipras won lawmakers’ backing for painful austerity measures his leftist party was elected to prevent. With Athens staring at a bankruptcy that could see it crash out of the euro zone after financial markets reopen on Monday, EU officials forecast agreement would be reached by the end of the
High valuations weigh on U.S. stocks ahead of earnings
As companies in the benchmark Standard & Poor’s 500 begin to release lackluster second quarter results, rich valuations threaten to keep the U.S. stock market spinning in place. At 16.5 times forward estimates, the S&P 500, up less than 2 percent for the year to date through midday Friday, is about 10 percent more expensive than its historic average of 15, according to Thomson Reuters estimates. At a time when
Yellen says expects rate hike this year, but cites labor weakness
Federal Reserve chair Janet Yellen on Friday said she expects the Fed to raise interest rates at some point this year, but pointed strongly to her concerns that U.S. labor markets remain weak and that more workers could be encouraged back into the job market with stronger growth. In her speech Yellen gave no direct hint about whether she anticipates more than one rate hike over the Fed’s four remaining